BUSINESS TIMES
2 - 8 February 2023
Companies & Markets
Securities firm tips exodus of
counters from ZSE- PAGE 5
CEOs warn govt
CEO Africa Roundtable board chairman Oswell Binha
Carnage at TIMB amid Parly probe
LIVINGSTONE MARUFU
The Tobacco Industry and
Marketing Board (TIMB) has
been rocked by massive job cuts
that has seen termination of
contracts for close to hundred
workers including senior staff
amid fears this could affect
operations at the company.
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Inside Politics
Nigeria presidential candidate Atiku denies
new allegation of corruption - PAGE 16
…insist on
peaceful polls
PHILLIMON MHLANGA
Captains of industry have
warned of dire consequences
for the government if it
continues disrespecting market
fundamentals.
Zimbabwe’s economy is
currently battling high inflation,
haemorrhage exchange rate and
currency volatility.
CEO Africa Roundtable board
chairman Oswell Binha said
markets are central in government
decision making.
He said the continuous
economic meltdown has seen the
majority of Zimbabwe companies
closing, expanding the corporate
graveyard in the past few years.
“These guys called CEOs are
in trouble,” Binha said. “The
mortality rate of industry will
continue. I don’t know what
accountants are doing because
we need to get the reports. And
those financials need to be clear
This comes as Parliament is how companies were engaging employment in a job cut frenzy
probing TIMB for allegedly in foggy deals including that has gripped the tobacco
perpetuating chaos in the tobacco unprocedurally borrowing and sector regulator ahead of the
industry and allowing murky abusing loans amounting to opening of the 2023 marketing
deals that have prejudiced the millions of dollars from the season.
government of millions of United government that they now are The affected are more than 50
States dollars. failing to pay back. middle managers while others
The legislators are concerned In the midst of the chaos, it have resigned in the past five
about chaos in the tobacco emerged that TIMB has since months citing poor salaries and
industry that has so far exposed terminated 70 contracts of tough working conditions.
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Local Regional International Talent Acquisition
Sport
Marvelous Nakamba joins
Luton Town on loan! - PAGE 19
so that they are not qualified. In
this current scenario, it’s not clear
where we are going.
“If government is to sort this
monetary lockjaw, fiscal lockjaw,
markets are central in decision
making. To the Government, my
advice is that it doesn’t matter
how much pronunciation you
make. It doesn’t matter how many
mega deals you are signing. At
the end of the day, the success
of any monetary regime and
fiscal regime, is on the basis of
respecting market fundamentals,”
Binha said.
“It’s important to understand
that when you read more of
arbitrage, more of cartels, more
of cross border crime, it’s an
indication of weaknesses of some
of the institutions. And the
government needs to respond to
that.”
Binha said elections due in July
or August this year should not
come as undeclared war as that
would have consequences for the
economy.
“If all our elections are going to
be undeclared war, it does not give
 To Page 2
Well-placed sources said TIMB
has also terminated the Zimbabwe
dollar salary component which
it was paying. Workers are now
said to be earning a paltry United
States dollar salaries only.
“(The carnage) is massive. We
have witnessed massive job
 To Page 2
Established in 2018
US$2
Briefs
Jabulani Sibanda warns
errant Zanu PF officials
ZANU-PF chairman for Bulawayo Metropolitan
Province and former War Veterans national chair-
man, Jabulani Sibanda, has warned errant party
officials pretending to be working for the good of
the movement while harboring other motives. He
said there is need for working together to mobi-
lize for the party to wrestle seats from the opposi-
tion Citizens Coalition for Change (CCC) and
the MDC-T that share seats in Bulawayo in both
Parliament and council. Addressing party affili-
ates in Bulawayo at the Zimbabwe International
Exhibition Centre, Sibanda vowed to “liberate”
all constituencies but warned those who claim to
be Zanu PF but doing nothing to mobilize for the
party. - Page 2
Economic headwinds
hamstring real estate
The prevailing economic headwinds threaten
Zimbabwe’s real estate and property sector growth
amid indications that an inhibitive mortgage
financing framework, high-interest rates and
waning disposable incomes will not allow people
to buy properties. The bulk of Zimbabweans are
living from hand to mouth and cannot afford
to save extra amounts to buy stands, later alone
houses. Integrated Properties chief executive
officer Mike Juru told Business Times that an
anticipated revenue boom in a functional
economy with affordable mortgage finance
models is every realtor’s dream. “In our case,
unless addressed, a liquidity crunch, imported
inflation, high-interest rates, and an inhibitive
mortgage financing framework stand in the way
of realtors in 2023. - Page 4
Stock bulls creep back
The value of stocks swung to ZWL$2.442
trillion in January from ZWL$1.691 trillion
in December as bullish sentiment returned to
the troubled Zimbabwe Stock Exchange (ZSE).
The charging bulls, multiple analysts believe, are
eyeing further gains going forward. They said
ZSE will not have another down year. Instead,
they believe a bull market, a condition in stock
markets in which prices of an asset or securities
are trending higher by more than 20% from
recent lows, will dominate the market. Usually,
bull markets are characterised by optimism and
investor confidence.The ZWL$751bn gain in
January was the highest one-month bull market
gain in decades. Despite the elevated level of
uncertainty for investors who have parked their
cash at the ZSE, - Page 5
‘Gold coin unit trust
gains traction’
Asset management firm, Bard Santner Investors,
says its gold coin unit trust has generated
“significant interest” two weeks after its launch
to offer investors an inflation-proof asset. The
unit trust came six months after the Reserve
Bank of Zimbabwe (RBZ) introduced gold coins
as an investment alternative and to mop excess
liquidity. Tatenda Hungwe, Bard Santner Markets
Inc executive director, told Business Times the
momentum gained has been encouraging. “We
to see a rise in adoption as it continues to gain
traction. The diaspora has shown a keen interest
in the product, which is a positive indicator of
interest in domestic savings and investment
offerings,” Hungwe said. - Page 6
+ 263 08 677 008 177
2 Business Times
News
Jabulani Sibanda warns
errant Zanu PF officials
Jabulani Sibanda
CEOs warn govt Carnage at TIMB
 From Page 1
me the same security. Whether I am
corporate Zimbabwean or individual
Zimbabwean, it is important to take
note that whoever is going to be a
political protagonist, wanting to
take political office, this phase, for a
change, becomes normal.”
“Once, it becomes normal,
we all Zimbabweans move. It is
important.”
Economist Gift Mugano also
painted a grim picture saying
inflation will be on an upward
trajectory.
“By mid-year it will hit 400%.
Exchange rate is going to run away,”
he said.
Mugano said ZWL$4.5 trillion
budget was an “election budget”
and there was no transparency
or genuine intention by the
government.
“How do you explain the fact
that the Ministry of Finance and
Economic Development allocates
itself a budget which is more than
ZWL$200bn. The budget is even
more than that of the Ministry of
Drug in schools’ shocker
…Dominican
Convent a tip of
the iceberg
…Police fingered
in drug sells
MARTHA MAMOMBE
Drug cartels are reportedly using
social media platforms to market
their illicit products which they
personally deliver to entrance and
exit points of schools packaging them
as common goodies for children, it
has emerged.
This comes as a lawmaker has
fingered police in trading of illicit
drugs and called on the government
to take action.
A snap investigation by Business
Times following the suspension of
eight school children at the elite
Dominican Convent School in
Industry and Commerce and Lands,
Agriculture, Fisheries, Water,
Development.
In one meeting, I challenged the
Ministry of Finance and Economic
Development saying why would
you hold a bigger purse than
the Industry of Commerce and
Agriculture ministry’s when you are
the Ex-Chequer. And the response
was that we want to respond to
emergencies.
“But, there is no cholera, no
cyclone, and such big emergencies.
It’s clear and I see an election fever
coming in.
What we see is that our systems
are dead. You look at the hospitals,
they are dead, you look at our
industry, its dead. You look at the
supermarkets, they are dead, there is
no demand.”
Mugano said credible elections
were key for economic growth.
“What we want are credible
elections, it’s very important. I don’t
think Zimbabweans care much
about who comes into office. They
care about how you get into the
office. So, violence free elections are
Harare exposed how rampant drug
abuse has become in schools across
the country with drug peddlers
packing drugs as chocolates and
cakes among other items popular
among students.
The investigation also involved
talking to current and former
students at Dominican Convent and
other schools who said drug abuse is
rampant in schools and the incident
of the eight students was a tip of the
iceberg.
It also emerged that two weeks
ago, police had to send sniffer dogs to
another elite school in Harare where
there was suspicion of drug abuse.
A former student at Dominican
Convent confirmed that drug abuse
was prevalent at the institution and
other schools and said the drug
peddlers are making use of social
media to market their illicit stuff.
“We have seen this happening and
drugs being brought in and out of
the school,” the former student said.
“Some people create an Instagram
page where they market these
substances as cakes or anything but
with weed or some kind of drug
inside and they deliver them at the
school gate,” the ex-student added.
very important and critical for this
economy to move forward,” he said.
CEOs said companies are battling to
extricate themselves from the woes
as government intervention in the
economy has not improved market
performance. Instead, the economy
is showing signs of deep crisis and
high degree of uncertainty.
Poor policies, the business leaders
said, have resulted in prices of raw
materials and other goods rocketing,
high inflation, meaning industry
is now battling excessive costs of
production.
Annual inflation rate for January
2023 stood at 229.8% from 243.8%
in December.
Zimbabwe’s inflation rate is one of
the highest in the world.
Currency and forex management
systems have also caused more pain
to business and the citizenry.
The Zimbabwe dollar this week
plunged again to ZWL$801.60:
US$1 from ZWL$671.44: US$1 in
December 2022.
On the parallel market, the
Zimbabwe dollar was this week
trading at ZWL$1 300: US$1.
“It is really everywhere and I think
now it is out there because the school
has issued a statement and some were
caught but it is really everywhere
with some schools calling in sniffer
dogs.”
Police are investigating the issue of
drugs not only at the said school but
across the country.
A recovering drug addict told
Business Times on Tuesday that the
abuse of drugs has become glaring
in suburbs and this was leading to
reckless sexual behaviour and mental
health issues.
Higher and Tertiary Education
permanent secretary Fanuel Tagwira
said the country’s serious drug
problem requires a multi-sector
approach.
“People think the drug issue is for
police but I think it is for all of us
to come. Part is failure in the home,
school system or simple peer pressure
so we need all of us to come together
and deal with this new problem,”
Tagwira said.
In Parliament this week, Mbizo
MP Settlement Chikwinya said the
government must take the issue of
drugs seriously.
“I want to believe this is a crisis
TENDAI BHEBE IN BULAWAYO
ZANU-PF chairman for Bulawayo
Metropolitan Province and former
War Veterans national chairman,
Jabulani Sibanda, has warned
errant party officials pretending
to be working for the good of the
movement while harboring other
motives.
He said there is need for working
together to mobilise for the party
to wrestle seats from the opposition
Citizens Coalition for Change
(CCC) and the MDC-T that
share seats in Bulawayo in both
Parliament and council.
Addressing party affiliates
in Bulawayo at the Zimbabwe
International Exhibition Centre,
Sibanda vowed to “liberate” all
constituencies but warned those
who claim to be Zanu PF but doing
nothing to mobilise for the party.
“There are people who pretend
amid Parly probe
 From Page 1
cut, resignations in the past five
months. It’s a cause for concern.
No one is safe at the moment,” one
well-placed source at TIMB told
Business Times.
Business Times has learnt that
the human resources manager has
resigned as well.
TIMB had a staff complement
of about 300 workers.
A source said: “Things are tough
here as even those who should be
responsible for terminating people’s
contracts and employing workers
are also facing the axe.
“It shows how serious the
purging of the workers is.”
The termination of contracts
The suspension of eight school children at Dominican Convent School exposed how rampant drug abuse has become in
schools across the country
emerging in the majority of our
constituencies,” he said.
“Fingers are also being pointed
to law enforcement agents that they
to be party members when what
they are doing is not party related,”
Sibanda said.
“There are people who do not
want to mobilise for the party
yet they claim to be ZANU-PF.
We must unite and win the next
elections. So from today let us be
serious and we must work very hard
to win the elections,” he said.
In the 2018 elections, only Raj
Modi won the Bulawayo South seat,
becoming the second ZANU PF
candidate to win a seat in the city
in 18 years.
“In the cities especially in
Bulawayo, there are no roads
because you chose councillors
without ideologies who take the
residents’ hard earned resources.”
Sibanda is known for his massive
campaign in previous elections
where, as leader of war veterans,
mobilised in rural areas though
he was accused of using violence
come at a time when three top
managers are on suspension facing
allegations of diverting tobacco
input credit scheme funds.
They have since appeared in
court.
TIMB spokesperson, Chelesani
Tsarwe, referred all questions to the
acting CEO, Emmanuel Matsvaire.
Matsvaire said Tsarwe was going
to respond to inquiries by Business
Times. She had not responded by
the time of going to press.
Efforts to get a comment from
TIMB chairman, Patrick Devenish,
were futile.
TIMB has failed to answer why
and how a number of companies
such as Central Leaf Tobacco and
Bindura Tobacco among others
are also now beginning to trade in
these drugs and therefore we are all
exposed,” Chikwinya said.
Speaker of Parliament Advocate
2 - 8 February 2023
BT
against opposition supporters.
“I am liberating all constituencies
in the next general elections,”
Sibanda said.
“For us, especially in Bulawayo
it’s a must and we should be serious
in whatever we are doing. I am
from two mobilisation meetings
in Pumula and EMakhandeni
high density suburbs doing it
for the party. We are mobilising
the party to win elections. Every
affiliate of the party must know
that they are taking responsibility
not only to defend the revolution
but to mobilise the defence of the
revolution,” he said.
“And this could only be done by
winning an election. If our party
cannot win an election there is
no other force that can stand and
defend our revolution.”
Sibanda said people in urban
areas were suffering because of
electing officials who lack ideology.
were benefitting from facilities
without following due process.
The companies have since
been dragged before the Lands,
Agriculture, Climate, Water
and Fisheries Parliamentary
portfolio committee chaired by
Gokwe-Nembudziya MP Justice
Wadyajena.
Also, Boka Tobacco Floors and
three other companies have been
suspended by the TIMB for several
transgressions with Parliament
threatening to come hard on
tobacco companies that are failing
to pay back millions of dollars they
received from the Tobacco Input
Credit Scheme facility.
Jacob Mudenda said Chikwinya
should raise the matter as a motion to
kick-start debate over the “national
scourge.”
2 - 8 February 2023
BT
‘Economic crisis a
security threat’
BERTHA MASAMVU
L
awmakers have
said the looting of
public funds and the
economic headwinds
are a threat to
Zimbabwe’s security and want
the National Security Council
Bill to come up with strategies
to ensure the country remains
peaceful.
The legislators were
contributing after the second
reading of the National Security
Council Bill in Parliament this
week where they described
graft, hyperinflation, leakages
of minerals among other issues
as security threats.
Norton MP Temba Mliswa
said there was a need to look
into the economic factors that
may contribute to a security
threat.
“The economy and inflation
are national security threats
and when we have ministers
getting houses for US$500 000,
a deputy minister getting loans
for US$300 000 while MPs
who have the oversight role
get US$40 000, we saw that as
a national threat because this
Parliament must be respected
and must be well resourced,”
Mliswa said.
“There is no country where
you see poor Parliamentarians
busy passing the budget for
US$350 000. Right now no-
one here can call the security
agents to answer where the
US$350 000 came from. You
are all scared but when it was
US$40 000 for the MPs, the
Temba Mliswa , Norton MP
whole country was talking. I
will be asking (Minister of
Finance) Mthuli Ncube where
that money came from and
whether it was budgeted for.
All these issues are national
security issues if they are not
attended to,” he said.
Mliswa said several serving
and former members of the
uniformed forces have resorted
to criminal activities due to the
economic crisis.
“The issue of this police
guy Jaison Muvevi is not
about what he did. I am more
worried about how many more
Muvevis out there with such a
spirit. This is because of poor
remuneration,” Mliswa said.
“These people have
been trained to be soldiers,
policemen, State security agents
and they committed their
whole life to that. Now because
of poor remuneration, they are
out and the only skill that they
have is to hold a gun. He now
starts a career of armed robbery
because the only thing he knows
is a gun,” Mliswa added.
“We must remunerate our
people fairly. Once you do that,
it does not become a security
threat.”
He said the plundering of
resources in the country was
also a national security threat.
“How much of our resources
have been plundered? Giving
wealth to foreigners is a national
security threat,” he said.
Former Finance Minister
who is current Harare East
Member of Parliament Tendai
Biti said the fact that 95% of
“our people are unemployed is
a source of national insecurity”.
“The fact that 68% of all
people in urban areas are living
in rented houses is a source of
national insecurity. The fact
Business Times
Tendai Biti, Harare East Member of Parliament
that our exchange rate is now
1200 and someone keeps on
saying zvakarongeka (all is well)
is a source of instability,” Biti
said.
“The fact that four million
Zimbabweans, 73% of our best
people are out in the Diaspora
is a source of instability. So, we
must recognise the changing
nature of national security.”
“Therefore, the composition
of the National Security
Council, with great respect,
must recognise these new
change dynamics of national
security. It is not sufficient
and good enough that your
traditional security ministers
must be the dominant members
of the National Security
Council,” Biti said.
The Harare East lawmaker
said he used to sit in the
National Security Council and
one of the things “we were very
quick to move is issues around
leakages in the economy”.
He said the economy was
haemorrhaging from illicit
financial flows with estimates
showing Zimbabwe lost
US$3bn in illicit financial flows
in the period 2009 to 2013.
Biti said the major culprits
in illicit financial flows were
multinational corporations.
“We are losing money
through illicit financial flows,
through transfer pricing,
through thin capitalisation. The
National Security Council must
have a specialised unit that deals
with financial haemorrhage.”
“We must have sophisticated
financial experts trained
in Oxford, University
of Zimbabwe, Makerere
University and at Harvard who
are sufficiently equal to the
thieves. We do not have those
people at the present moment.”
3
News
Zim firms
in fresh IFIs
headache
LIVINGSTONE MARUFU
International Financial Institutions (IFIs) are not prepared
to extend fresh cash to Zimbabwe industries amid fears of high
country risk, the Bankers of Zimbabwe (BAZ) has said.
Zimbabwe’s external debt amounts to US$14.04bn. Out of
this, IFIs are owed about US$2.52bn with World Bank, African
Development Bank and European Investment Bank owed
US$1.46bn, US$71m and US$372m respectively, according to
the 2023 national budget.
The balance is owed to Paris Club, non-Paris club members,
blocked funds, multilateral and bilateral creditors.
BAZ chief executive officer Fanwell Mutogo told Business
Times: “This market lacks long-term funds required by the
industry for retooling.
“The country has 13 commercial banks and no merchant
banks but the issue is not in the number of commercial banks
and or merchant banks as implied in some quotas but it is
about international financiers not prepared to extend long-term
funding into the economy.
Recently, the Confederation of Zimbabwe Industries president
Kurai Matsheza said the absence of international financiers has
adversely affected local manufacturing companies.
“Commercial banks are only availing working capital loans,
which companies can use to cover short-term operational needs
and it makes it difficult for more lending to the industrial sector,”
Matsheza said.
Mutogo said in terms of providing loans to the productive
sectors, financial support from local banks has improved.
“Financial intermediation as measured by loans to deposit
ratio, improved to 53.69% as of June 30 2022 from 48.27%
recorded as of December 31, 2021.
“Loans to the productive sectors of the economy constituted
76.29% of total loans as of June 30, 2022,” Mutogo said.
He said the difficult operating environment was restricting
the banks from fully supporting the industry but can extend
loans whenever they can.
Zimbabwe is in need of cheap patient capital to reboot the
economy.
4 Business Times 2 - 8 February 2023

Editorial BT
BT Editorial comment Dilbert cartoon

Harvesting from an NEWS ON THE GO

ED meets business
unlikely source

Z
imbabwe is standing tall after the signing of agreements with
Belarus in what now spin-doctors claim as the results of the
much talked about engagement and reengagement exercise.
The irony of this week’s deals is that it was signed with an
unlikely partner from Europe. BUSINESS REPORTER impacting business and the economy The authorities have a mammoth that has hit the country is threatening
Belarus President Alexander Lukashenko flew into Zimbabwe on a three- at large. task to reduce inflation to reasonable the whole economy where observers
day state visit—his first trip to a sub Saharan African country. President Emmerson Mnangagwa “The essence of this high-level figures. The exchange rate remains say millions of dollars could have
Reviled by the West and referred to as Europe’s last dictator, Lukashenko will next Friday meet the business business summit is to highlight to problematic for the central bank as been lost due to the debilitating
has few friends where he comes from more so after throwing his weight community to discuss the economic the President the opportunities and the official rate stands at ZWL$801 shortages.
behind Russia’s President Vladimir Putin in the year-long Russia-Ukraine headwinds that have characterised threats in the business environment per US$1 from ZWL$655 per US$1 So devastating are the power cuts
war. the economy over the past years to and seek requisite government on December 1, 2022. that the government is in panic
The President Emmerson Mnangagwa’s administration could not have bring long-lasting solutions to the intervention to assist businesses to The parallel market rate stands mode and working frantically to find
imagined that the re-engagement drive it has been pushing since November ailing economy. continue growing. at ZWL$ 1200 per US$1 from a lasting solution which is unlikely
2017 would have reaped rewards from Eastern Europe. The crunch meeting comes at a “The summit will focus mainly US$850 on December 1, 2022. soon as neighbouring countries that
President Mnangagwa ascended the throne with a promise of making time when the economy is battling on the following economic Economist and the summit usually provide electricity including
Zimbabwe a favourable investment destination under the mantra “Zimbabwe rising cost of living, power cuts, sectors; agribusiness - agriculture, organising committee member, Zambia and South Africa are also
is open for business”. swelling exchange rate, foreign manufacturing and distribution, Eddie Cross said the preparations facing challenges.
He would attend the World Economic Forum in Davos and other key shortages, liquidity crunch, and lack energy, infrastructure, mining have gone well as experts from Mutashu said energy is a key
investment platforms to lure investors, especially those from the west. of patient capital. and exports, financial services and different sectors are ready to air their enabler in growing businesses and
These investors had given Zimbabwe a wide berth since the turn of the Mnangagwa will meet with investment and tourism,” Mutashu concerns and probable solutions. the economy as a whole and there is
millennium in protest over the seizure of land from commercial white over 500 business leaders, Cabinet said. “The business community is a need “to come up with a solution
farmers as the country sought to redress historical imbalances and give its Ministers, investors, diplomats, He said this high-level business concerned with the high inflation on how energy availability can help
citizens access to one of the means of production. parastatal heads, and State Owned summit will provide a special rate and swelling exchange which the country to attain Vision 2030”.
The Mnangagwa administration agreed to pay a US$3.5bn compensation Enterprises. engagement meeting with the are making it very difficult to sustain Some of the organising executive
to former farm owners. It is scouring for resources to pay compensation and The Summit organiser, President who will interact with operations and plan properly. With members include Emmanuel
has come up with a number of payment plans which the former farm owners Confederation of Zimbabwe businesses on these important the crunch meeting expected next Fundira, Busisa Moyo, Tafadzwa
have to accept. Retailers (CZR) president Denford economic matters with delegates Friday, concrete solutions should Musarara Alex Mhembere, and Alois
The administration is burning midnight oil to be readmitted into the Mutashu told Business Times that this drawing from the aforementioned be realised to record considerable Burutsa.
Commonwealth as part of the re-engagement drive under the tagline “friend will be an interactive platform where economic sectors. Zimbabwe is growth going forward,” Cross said.
to all and enemy to none”. the private sector and Mnangagwa grappling with high inflation at Mnangagwa’s summit comes at a
Despite all these overtures, the west has not moved an inch and seems to will deliberate on all matters around 244% as of December. time when the crippling power crisis
have pulled the rug from under Mnangagwa’s feet hence the administration
focusing on friendly nations such as China, Russia and now Belarus. Critics

Obsolete equipment
say the West has been shifting goalposts on Zimbabwe.
What could be more galling for this administration is that there are far
worse regimes that are embraced by the West. Nampak targets
haunts NRZ
The leader of country X is ruthless when dealing with critics, jailing and

more cost savings

even killing them. Notwithstanding that, he remains a darling and a poster
boy of good governance. The leader of country Y is so ruthless that politicians
fear to contest him in an election. Each year, country Y gets billions of
support from the West. ANESU MASAMVU
So predictable has been the West’s template that other global players BUSINESS REPORTER to thank all of them for all their
such as Russia and China have expanded tentacles on the continent in the The National Railways of efforts this year and for embracing
second scramble for Africa. Where the West preaches democracy and good Zimbabwe (NRZ) is sweating over Zimbabwe’s largest packaging the challenges they faced.”
governance, Russia, China emphasise non-interference in internal affairs. obsolete equipment that has become manufacturer, Nampak Zimbabwe Revenue for the group increased
This stance has gained support from African leaders, tired of being archaic and would cost millions Limited, is targeting more cost to ZWL$52.52bn in 12 months
“tutored” on how to govern notwithstanding that Africa and Europe are at of dollars to refurbish, Parliament cutting measures to boost the to September 30, 2022 from
different stages of development. heard this week. company’s profitability. ZWL$36.68bn reported in the prior
Lukashenko this week sang from the same hymn on non-interference NRZ has been struggling over The plan was revealed by the comparative period.
saying Belarus was bringing peace and science and technology and had no the years to come back to life but company’s managing director, Nampak profit was almost flat at
intention of colonizing Zimbabwe in a subtle attack at the West’s model of with little success that has seen the John van Gend in the financial ZWL$2.62bn in the period under
engagement. parastatal resorting to refurbishing statement of the group for the year review compared to ZWL$2.63bn
old locomotives and wagons that to September 2022 published this reported in the previous year.
have outlived their lifespan. week. Earnings per share were 346,12
IN FINANCIAL HISTORY

TODAY
1998—Compaq Computer
Corp. announced that it would
buy Digital Equipment Corp for
$9.6bn
1999—Germany Chancellor
Schroeder abandoned an ambi-
tious timetable for the planned
shutdown of nuclear power plants
2005— China’s central bank
said a nationwide personal credit
database will be available across
the country by the end of the year
2006—The US federal deficit
was projected to widen to $360
billion in fiscal 2006
2008—Venezuelan President
Hugo Chavez and allies Nicara-
gua, Bolivia and Cuba, members
of the Bolivarian Alternative for
the Americas (ALBA), launched
a regional development bank in-
tended to strengthen their alliance
Most of the trains have been put
off the rails and described as a danger
to the commuting public.
Even efforts to breathe life into few
ones to address the urban transport
and promote independence from
problems have hit a brick wall as the
US-backed lenders like the World
machines failed to function properly
Bank as Chavez hosted a summit
leaving thousands stranded at a time
with ALBA leaders
commuter omnibuses were banned.
2009— European Union na-
Company General Manager,
tions announced the addition of
Respina Zinyanduko (pictured) told
27 Zimbabwean officials and 36
Parliament that they have a total of
companies to the EU’s visa and
68 mainline locomotives with only
assets freeze blacklist to pressure
14 of them fully functional despite
President Robert Mugabe to share
having outlived their lifespan.
power with Zimbabwe’s opposi-
“The age profile of the mainline
tion
locomotives, we are looking at the
2011— The European Union’s
youngest being 30-44 years old. The
top competition regulator blocked
lifespan that is expected for a nine-
the merger between Greek airlines
line locomotive is 25 years,” she said.
Olympic Air and Aegean Airlines
SA, saying a combined carrier
could monopolize Greek air travel
2012—In Zimbabwe a public
servants’ strike jerkily resumed af-
ter failed talks on doubling basic
Economic headwinds hamstring real estate
LIVINGSTONE MARUFU
wages, as some teachers held class
The prevailing economic
“We can however, pump in life
into these locomotives through
refurbishment and this exercise
depends on the spares and these are
the major replacements cost between
US$750k to $1.5mn and if we do
that major refurbishment, we are
looking at an additional lifespan of
about 10 years,” she added.
“In terms of our wagons, we have
5811 and those that are in service
are 3065. Those that need upgrade
or replacement are 2761. In terms
of their age profile, they are 40 -60
years old and the average lifespan
of a wagon is 40 years so almost all
have outlived their economic life,”
she said.
revenue boom in a functional
economy with affordable mortgage
finance models is every realtor’s
Nampak operates three
units namely Hunyani Paper
and Packaging, Mega Pak and
CarnaudMetalBox.
He said: “Management has
continued with its focus on cost
containment, whilst looking for
new opportunities to improve both
product offerings and quality.
“The year ahead may bring some
economic headwinds, but I believe
that the continual focus on cost
control and margin preservation
has positioned the group well to
meet these challenges. None of this
would have been possible without
the commitment and dedication
of the management teams and staff
at all three operating companies. I
would like to take this opportunity
as supply chains are yet to align to
the impact of global shocks on how
buildings will be used, valued, and
cents were below prior year’s at
347,03 cents in 2021.
Total assets for the group stood at
ZWL$27bn in the reviewed period
from ZWL$21bn in 2021.
Nampak’s capital expenditure in
hyperinflation terms amounted to
ZWL$ 1.66bn compared to ZWL$
1.08 billion utilised in 2021.
“The company focused on
completing projects that commenced
in the previous year. There are some
significant capital projects currently
being reviewed by management and
should funds become available, it is
our intention to implement them,”
van Gend said.
will slow down to 2.7% in 2023.
The analysis is found inconsistent
with the Zimbabwe scenario where,

DIARY OF EVENTS
headwinds threaten Zimbabwe’s real dream. transacted in 2023 and beyond. based on the World Bank projections
estate and property sector growth “In our case, unless addressed, a “Globally, terms like “dual and analysis, in 2021 Zimbabwe’s
amid indications that an inhibitive liquidity crunch, imported inflation, sourcing”, “near-shoring”, and GDP was 5.8% and projected to
2 February 23 February mortgage financing framework, high-interest rates, and an inhibitive “friend shoring” are being used to slow to 3.7% in 2022 and projected
Axia Corporation Limited CAFCA Limited 77th AGM, high-interest rates and waning mortgage financing framework stand describe collaborative efforts to to settle at 3.6% in 2023 and 2024.
EGM, 0900hrs, virtual 1200hrs, virtual disposable incomes will not allow in the way of realtors in 2023. manage the supply chain challenges “The good news is that the
8 February 24 February people to buy properties. “The inflation situation is in real estate,” he said. projected marginal shrinkage of
CZI 2023 Annual Outlook & Ariston Holdings Limited 76th The bulk of Zimbabweans are worsened by the fact that the world Juru said the potential for a the GDP from 2022 to 2023 infers
Business Symposium, Rainbow AGM, Royal Harare Golf Club, living from hand to mouth and is in the midst of a global energy regional or global recession or stability in the property market
Towers, 0730hrs 1530hrs cannot afford to save extra amounts crisis, with impacts that will be felt stagnation looms—and these considering that the real estate
10 February 25-29 April to buy stands, later alone houses. for years to come,” Juru said. impacts would be felt across the industry is generally not sensitive to
ED Mnangagwa Business ZITF 2023, Exhibition Ground, Integrated Properties chief “As such, as is the case across sectors. minor economic shifts and changes,”
Summit 2023, Golden Conifer Bulawayo executive officer Mike Juru told the globe, Zimbabwe’s real estate The IMF estimated the Global Juru said.
Business Times that an anticipated industry faces transformational shifts GDP for 2022 to be 3.2% which

BT
BUSINESS TIMES
Business Times is published by: AB Communications, 6 Williams Way, Msasa, Harare Tel: 0242- 446990-6 www.businesstimes.co.zw Editor-in-Chief : Moses Matenga Editor: Ndamu Sandu - ndamu@businesstimes.co.zw Deputy Editor: Phillimon Mhlanga Managing Editor: Livingstone Marufu, Copy Editor: Godwell Gwavava
Graphic Designer: Memory Gurupira Sub-Editor: Sowell Chikwari Sales Executives: Vusi - vusi@businesstimes.co.zw, Merrylin - merrylin@abcommunications.co.zw, sales@zifmstereo.co.zw Production: Stephen Musoro General Manager: Albert Mushonga - amushonga@businesstimes.co.zw Feedback: letters@businesstimes.co.zw
Companies&Markets
2 - 8 February 2023 5

BUSINESS TIMES

Gold coin unit trust Trade deficit widens- PAGE 6

gains traction - PAGE 6

Stock bulls creep back in

surprise ZSE turnaround
PHILLIMON MHLANGA
The value of stocks swung to
ZWL$2.442 trillion in January
from ZWL$1.691 trillion in
December as bullish sentiment
returned to the troubled
Zimbabwe Stock Exchange
(ZSE).
The charging bulls, multiple
analysts believe, are eyeing
further gains going forward.
They said ZSE will not have
another down year. Instead,
they believe a bull market, a
condition in stock markets
in which prices of an asset or
securities are trending higher
by more than 20% from
recent lows, will dominate the
market. Usually, bull markets
are characterised by optimism
and investor confidence.
The ZWL$751bn gain in
January was the highest one-
month bull market gain in
decades.
Despite the elevated level
of uncertainty for investors
who have parked their cash at
the ZSE, multiple analysts still
expect a further uptick this
year after a solid rebound in
January from December low of
ZWL$1.691 trillion.
Perhaps, they have been
swayed by the speed of
January’s bull market.
“It’s the fastest (bull market)
in the ZSE market history.
Investors should expect more
normal returns going forward,”
an investment analyst with a
local commercial bank who
preferred not to be named, told
Business Times this week.
In its latest report published
this week, Securities firm, FBC
Securities Limited said: “We
anticipate a general bullish
sentiment to prevail on the
stock market.”
The report continued:
“However, gains may be
moderated by inflation
tightening measures that may
limit availability of liquidity.
We believe investors should
consider companies with
diverse business models,
inflation hedging capabilities
and foreign currency
generation capacity, in the
counter selection process.”
Another securities firm,
Morgan &Co said: “We are
bulls on the consumer, food
and agriculture and financial
services sector. Blue chip names
like Delta Corporation Innscor
Africa Limited, Hippo Valley
Estates and Meikles Limited,
have a mix of defensive and
quality characteristics. The
counters are expected to
maintain a strong earnings
visibility while also continuing
to benefit from the benefits of
electioneering activities.”
Zimbabwe will hold this
election between July 26 and
August 24, 2023, according
to the Zimbabwe Electoral
Commission chairperson,
Priscilla Chigumba.
After rising to ZWL$3.6
trillion in April last year from
ZWL$1.3 trillion in January
last year, a bear market, a
decline of more than 20% of
the peak value of the stocks,
pounded the market, wiping
out about 53% of stock value
or ZWL$2 trillion to close the
year at ZWL$ 1.691 trillion.
High annual inflation of
about 244%, high interest
rates at 200% per annum, a
slower gross domestic product
growth (GDP) and measures
put in place by the government
to curb speculative activities,
including money tightening
policy, were some of the major
factors that kept the stock
market in a volatile state, with
the bear market ravaging the
stock market last year.
In real terms, according to
research firm Morgan & Co,
the stock market lost about
40% of its value.
The troubled economy
has since forced the Minister
of Finance and Economic
Development, Mthuli Ncube,
to revise downwards this year’s
GDP growth projection to
3.8% from the initial 4.6%.
Naturally, given the
expectations of an additional
concern of a slower economy,
has remained largely stable
as it has not been susceptible
the market fundamentals, to abrupt policy changes and
such as corporate revenue and currency volatility.
earnings, are likely to come
down as well.
That’s an additional concern
going forward for the ZSE.
However, since the low of
ZWL$1.691 trillion at the
end of December last year, the
stocks have moved out of the
bear market territory surging
44% or gained ZWL$751
billion this month alone,
largely driven by heavies or
blue-chip counters.
While the Zimbabwe dollar
denominated ZSE has faced
challenges last year including Priscilla Chigumba
high transaction costs and
acute regulation, the United
States dollar denominated
Victoria Falls Stock Exchange,

Securities firm
tips exodus from ZSE

SEED CO LIMITED TRADING UPDATE FOR THE THIRD QUARTER ENDED 31 DECEMBER 2022
TRADING ENVIRONMENT
Zimbabwe's internal socio-economic issues were compounded by the continued global economic unrest to make the local
business environment even more difficult and uncertain. Some of the major challenges the business is dealing with include the
ongoing energy crisis, the lack of and high cost of fertilizers and agrochemicals, the loss in consumer purchasing power, and
the shortage of liquidity in both local and hard currency.

Positively, value was maintained in real terms during the business's peak period of revenue generation because of the stability
of the exchange rate and the increase in hard currency sales in Zimbabwe.

VOLUME PERFORMANCE
Volume increased by 14% over the past nine months compared to the same period prior year, and by 46% compared to the
same quarter prior year, helped by ample stocks, exports, record local sales of wheat and soybeans as well as favourable
rainfall projections towards the start of the main planting season.

FINANCIAL PERFORMANCE
In line with volume growth and the evolution of the ZWL/USD exchange rates, revenue increased by 425% during the 9 months
compared to same period prior year, and by 516% during the quarter compared to same quarter prior year in historical cost
Padenga, Bindura Nickel Corporation terms.

BUSINESS REPORTER
The exodus of counters from
the Zimbabwe Stock Exchange
(ZSE) to the Victoria Falls
Stock Exchange (VFEX) will
continue this year amid the
appreciation of share prices
of companies that migrated
to the dollar-only bourse, a
securities firm has said.
Since it debuted in October
2020, the VFEX has attracted
four companies—Padenga,
Bindura Nickel Corporation,
Simbisa and National Foods—
that have migrated from ZSE.
Consumer staples concern
Innscor and Axia Corporation
will migrate to the VFEX
during the course of 2023.
In total, eight counters
are listed on the dollar-
denominated bourse.
“We are of the view that
the exodus of counters from
the ZSE to the VFEX will
continue in 2023 as companies
take advantage of the benefits
on the bourse,” IH Securities
said in an Equity Strategy
2023 report.
The VFEX has rolled out
a number of incentives to
lure new listings. The trading
costs on the VFEX at 2.12%
are lower than the 4.63%
prevailing on the ZSE.
The dollar-denominated
bourse offers tax incentives for
shareholders which include
a 5% withholding tax on
dividends for foreign investors
compared to a withholding
tax of 10% for non-resident
shareholders on the ZSE.
There is no capital gains tax
on VFEX compared to 40% on
the ZSE. Companies see the
VFEX as enhancing regional
profile and commercial
standing, thereby creating
pathways to local and regional
prospects.
Companies listed on the
VFEX have seen appreciation
in share price as prices adjust
to fair value.
“There has been capital
appreciation for companies
that migrated from the ZSE
to the VFEX except for BNC
on the back of exchange rate When adjusted for inflation, revenue increased by 12% compared to the same 9 months period prior year, and by 14%
distortions and lack of ZWL compared to the same quarter prior year reflecting the volume rise.
liquidity on the ZSE which
has resulted in the latter being OUTLOOK
undervalued,” IH Securities In Zimbabwe the business is expected to experience volume growth as well as a notable increase in the contribution of hard
said. currency revenue from encouraging export growth and a significant increase in domestic sales in USD.
The securities firm expects
to see the listed entities On a regional level, a mixed volume performance is predicted, with growth forecast in some regions of Southern Africa and
registering growth both East Africa and a drop due to drought in other regions of East Africa.
organically and through
Inflation, foreign exchange, and interest rate risks remain significant in Zimbabwe and throughout Africa as the Group nears
acquisitions with the ability to
the end of its fiscal year.
raise foreign currency capital
on the VFEX. The Board and management are still dedicated to protecting and enhancing stakeholder value along the entire value chain of
“We are of the view that the Group in Zimbabwe and in the region.
companies like Simbisa
Brands Limited will continue
expanding their footprints By Order of the Board,
into the region. Caledonia
is expected to continue
expanding its mining assets
with the company having Tineyi Chatiza
recently acquired Bilboes Company Secretary
Gold making it one of the 27 January 2023
largest mining companies
in Zimbabwe. Another
expansion initiative underway
is the development of the Karo
project, aided by a capital raise
via bond instrument issuance.
We expect the same themes to
prevail on the VFEX in 2023.”
6 Business Times
Companies & Markets
Trade deficit widens
LIVINGSTONE MARUFU
Zimbabwe’s trade deficit for the
first 11 months of 2022 widened
to US$1.96bn from US$1.4bn
reported in the prior comparative
period as the economy imported
more than it exported, ZimTrade
CEO, Allan Majuru has said.
Total exports in the reviewed
period stood at US$5.9bn while
US$7.9bn was spent on imports.
“Consequently, the trade deficit
for the period under review stood at
about US$2bn, which is an increase
when compared to a deficit of
US$1.4bn recorded during the same
period in 2021,” Majuru said.
He said exports of manufactured
or valued added products increased
by 13% to US$334m in 2022 from
US$295m in January to November
2021.
Exports in the mining sector
increased to US$4.76bn during
the eleven months of 2022 from
US$4.29bn during the eleven
months in 2021, translating to 11%
increase.
“The increase may be attributed
to an increase in gold deliveries.
Zimbabwe’s gold deliveries up
to November 2022 totalled 33.3
‘Gold coin unit Sharp rise in EcoCash’s US$ packages
trust gains traction’
BUSINESS REPORTER
Asset management firm, Bard
Santner Investors, says its gold coin
unit trust has generated “significant
interest” two weeks after its launch
to offer investors an inflation-proof
asset.
The unit trust came six months
after the Reserve Bank of Zimbabwe
(RBZ) introduced gold coins as an
investment alternative and to mop
excess liquidity.
Tatenda Hungwe, Bard Santner
Markets Inc executive director, told
Business Times the momentum
gained has been encouraging.
“We are delighted with the
response thus far and expect to see
a rise in adoption as it continues
to gain traction. The diaspora has
shown a keen interest in the product,
which is a positive indicator of
interest in domestic savings and
investment offerings,” Hungwe said.
The minimum investment in the
in the gold coin unit trust is US$120
which also be made in monthly
installments of US$15 or equivalent
in local currency at the prevailing
interbank rate.
The underlying asset of the unit
trust is the Mosi-oa-Tunya gold
coins issued by the RBZ.
Natfoods expedites Harare, Byo projects
LIVINGSTONE MARUFU
Victoria Falls Stock Exchange listed
food processing giant, National Foods
Limited, (Natfoods) is expediting
the setting up of new state-of-the
art processing plants in Harare and
Bulawayo as the company moves to
localise manufacture of products that
were previously imported.
Speaking at the company’s listing
ceremony at the VFEX that week,
board member Godfrey Gwainda
said the move would significantly
tonnes, a 31% increase from 25.3
tonnes delivered over the same
period in 2021. Of the total gold
deliveries up to November 2022,
small scale miners contributed 22.9
tonnes while the remainder came
from big producers,” Majuru said.
Tobacco exports increased by
2% during the reviewed period to
US$737m from US$721m during
the prior period.
The product accounts for 12%
of total exports down from 13% in
2021.
According to the TIMB report,
the average price per kilogramme
increased by 10% during the 2022
selling season and there was a 1%
increase in total volume.
“Manufactured tobacco exports
increased 25% to US$63.4m during
the eleven months of 2022 and the
sector’s total contribution to total
exports remained unchanged at 1%.
“Processed foods during the
period under review processed
foods exports increased by 26% to
US$70.6m in 2022 from US$56.2m
during January and November 2021.
The sector contributed 1.1% to total
exports.
“Major contributors in the sectors
were sugar exports [US$25.8m],
Bard Santner Investors is the fund
manager while CABS is the trustee.
A minimum of 80% of the fund
is invested in gold coins with the
balance in near-cash securities.
The asset manager said it had
turned to gold as it is a defensive
asset and withstand market and
exchange volatility prevalent at
the material time. It said global
uncertainties brought about by wars
and pandemics have seen gold prices
increasing by 50% between 2017
and 2022 while global production
has shrunk by 10% over the same
period.
The introduction of the gold unit
trust comes after RBZ governor John
Mangudya exhorted the financial
service sector to introduce new
products riding on the gold coins.
“Insurance companies and banks
can make other products out of these
gold coins. They can do gold unit
trusts where they do aggregation,
the likes of Old Mutual, Zimnat
and others. This is an opportunity
for them to also make money out of
this product whereby they can come
up with unit trusts. Unit trusts mean
an aggregation of those who are not
able to buy at $1800,” Mangudya
said at the launch of the gold coins
in July.
reduce import costs.
“Firstly many of the investments
will see the localised manufacture
of products that were previously
imported,” Gwainda said.
He added: “In line with the
import substitution drive under the
National Development Strategy 1,
the company will invest in a new
pasta plant at our Stirling Road
plant in Harare. This will be the first
large-scale pasta line in the country
and seeks to cater to the needs of
our consumers who are increasingly
confectionery products [US$6.4m]
and Pepper of the genus piper,
capsicum or pimenta, dried, crushed
or ground [US$4.2m],” he said.
Agricultural inputs and
implements exports increased by
33%, to US$27.8m in 2022 from
US$20.9m in 2021.
Major exports were seeds, fruits
and spores, of a kind used for sowing
amounting to US$4m million and
maize seed amounting to US$4.4m.
Packaging and stationery sector’s
exports recorded an increase of
26%, to US$11.2m in 2022 from
US$8.8m in 2021.
Major exported products in
the sector were cartons, boxes and
paperboard, paper and paperboard,
corrugated, creped (US$6.5m) and
corrugated, creped in rolls or sheets
(US$4 m).
On the other hand, processed
leather exports increased to US$2.7m
from US$1.9m ,translating to a 44%
increase.
During the period under review
exports to South Africa decreased
to US$2.46bn from US$2.69bn in
the prior comparative period whilst
exports to the United Arab Emirates
increased to US$1.96bn from
US$1.47bn.
BUSINESS REPORTER
EcoCash Holdings Zimbabwe
Limited has reported a sharp
increase in the volumes of mobile
money transactions in United States
packages as Zimbabweans move
away from the Zimbabwe dollar
transactions.
Company secretary Charmaine
Daniels expects the trend to continue
going into the future.
“As the market has increased
usage of the United States dollar,
we have seen a drop in the volume
of our local currency mobile money
transactions in the period compared
to prior year,” Daniels said in a
trading update for the third quarter
ended November 30, 2022.
She added: “We have focused on
growing the mobile money United
States dollar transactions distribution
ZNCC, Belarusian Chamber of Commerce sign new deal
LIVINGSTONE MARUFU
The Zimbabwe National Chamber
of Commerce (ZNCC) and the
Belarusian Chamber of Commerce
this week signed a new deal to
strengthen the existing bilateral
trade and investment relations
cooperation.
More than 30 high ranking
industrialists from Belarus led by
Belarusian Deputy Prime Minister,
Piotr Parkhomchyk met business
leaders from Zimbabwe.
Belarusian President, Alexander
Lukashenko, was also in Zimbabwe
for talks with his counterpart,
President Emmerson Mnangagwa.
ZNCC president Mike
Kamungeremu said the new deal
was comprehensive and will allow
for enhanced cooperation in a wide
range of areas.
“The economic cooperation
looking for a wider variety of food
options.
A biscuit plant, again at our
Stirling Road site in Harare and
another import substitution initiative
will produce a wide range of quality
biscuits, extending our offering from
the current basic Iris biscuit range to
a broader range of biscuit products
such as cookies and creams.”
Gwainda said Natfoods will spend
about US$30m in the projects which
will also include a “new and much
more efficient Flour mill which will
ZimTrade CEO, Allan Majuru
footprint across the country.
“The growth has greatly improved
customer convenience and physical
accessibility to our financial services
for United States dollar transaction
volumes. We expect this trend to
continue as we drive to digitize the
United States Dollar cash economy
which has continued to grow.
The reduction of IMTT on
domestic money transfer transactions
from 4% to 2% effective 1 January
2023 is expected to further accelerate
the adoption of United States dollar
digital money transfer services, the
company said.
Its banking unit, Steward Bank,
registered 56% growth in mobile
banking volumes in the quarter
under review against the same period
last year.
Interest earning assets recorded
an upward trend buoyed by an
between Belarus and Zimbabwe
recognises that we are not
competitors, but the private sector
from both countries can complement
each other through beneficial trade
and investment,” Kamungeremu said
at a meeting on Monday.
Speaking at the same event,
Parkhomchyk said: “We will
continue to explore opportunities in
agriculture, mining, and industrial
corporations. This is just the
beginning of our cooperation.”
Zimbabwe’s imports from Belarus
amounted to US$23.4m in 2021
down from US$30.7m in 2020 and
the country mainly imports tractors
and fertilisers from Belarus.
The ZimTrade CEO, Allan
Majuru weighed in saying: “Belarus
is (also) seeking a lot of opportunities
in cut flowers, leather, women’s
ensembles, jackets, and phosphates,
and Zimbabwe can capitalise on this
be installed in Bulawayo, to replace
existing equipment with a state-of-
the-art flour mill supplied by the
Buhler company from Switzerland.”
“A breakfast cereal plant in
Harare will see the production of a
range of instant breakfast cereals as
well as corn flakes, bran flakes and
whole grain flakes. These products
were released to the market late in
2022 and so far, have been very well
received by consumers,” he said.
The company also upgraded
its Aspindale Stockfeeds plant, to
aggressive drive to grow the foreign
currency loan book particularly for
the corporate sector.
Point of Sale transaction volumes
dropped by 27% confirming the
increase in United States dollar cash
transactions in the economy.
Daniels said the short-term
insurance business was able to
sustain its revenue performance over
the quarter under review, compared
to the previous year.
The business also recorded a lower
claims ratio compared to the same
period last year. The life business has
continued to innovate and re-invent
itself with several new value-adding
products that include the “Dura
Pension Scheme”, “Data Life Cover”
and the United States dollar package
to grow revenues despite declining
disposable incomes.
“We are pleased with the increased
need.”
Industry and Commerce minister
Sekai Nzenza told delegates that
the coming in of a high powered
delegation which includes President
Lukashenko, Parkhomchyk, and
several Belarusian ministers bears
testimony of a commitment of both
countries to strengthen economic ties
and build a stronger relationship.
“In March 2018, Zimbabwe and
Belarus signed an MoU on Economic
and Trade Cooperation furthermore,
US$68m worth of deals were signed
between the two countries. Other
deals signed during the same period
include a US$43m MoU for the
supply of agricultural equipment to
Zimbabwe and a US$15m deal for
the supply of forestry equipment
to Allied Timbers. The deepening
relationship between our two
countries is a clear reflection that
business cooperation is actively
improve efficiency and product
handling which ultimately will
benefit livestock farmers.
“The increased capacity and
raw material demand will result
in increased support to our local
farmers.
“Finally increased industrialisation
will see job creation, not only at
National Foods but in ancillary
industries as well,” Gwainda said.
Natfoods is heavily involved in
the support of both contract and
corporate farming initiatives in the
2 - 8 February 2023
BT
adoption of United States Dollar
packages that allow the business to
enhance life cover through assured
United States Dollar benefits. We
have continued to leverage on the
network of funeral service providers
to ensure we adequately provide
required services in our customers’
time of greatest need,” Daniels said.
She added: “Our digital platforms
business, Vaya Technologies
continued to focus on and drive
the anchor businesses in Healthtech
and On Demand Services. We
continue to develop and refine our
products in these sectors which we
believe have yet to fully realise their
potential. As we progress into the
next quarter and year, we believe we
will be able to increase contribution
from these nascent businesses to the
broader EcoCash Holdings Group
performance.”
developing with our counterparts
already affecting the deals,” Nzenza
said.
Guest of honour, Vice President
Constantino Chiwenga said the
business forum provided a conducive
platform to engage and exchange
knowledge, experiences and
inform each other about trade and
investment opportunities in the two
countries.
“I am confident that the resultant
cross-pollination of ideas, sharing
of experiences, and good practices
will unlock our potential leveraging
on our rich natural resource
endowments.
“In this regard, Zimbabwe boasts
of trade and investment opportunities
in agriculture, mining, tourism,
energy, transport, and education.
“I, therefore, exhort Belarus
companies to consider investing in
these sectors,” Chiwenga said.
country.
The company has invested
US$12m into contract farming.
Some of Natfoods products
include Red Seal roller meal, Gloria
flour, Mahatma rice, National Foods
Stockfeeds, to name a few, that have
become a part of every Zimbabwean
household throughout the century.
In recent years, the company has
added to its portfolio snacks, biscuits
and breakfast cereal categories
through the Zapnax, King, Popticorn
and Pearlenta Nutri-Active brands.
2 - 8 February 2023 Business Times 7

BT Markets Data
Price Sheet
Daily Price Sheet Wednesday 1 February 2023
W ed nesd ay, 0 1 Feb ruary 20 23 A MEMBER OF FINSEC & THE ZIMBABW E STOCK EXCHANGE
Company Sector Bloomberg Previous Last VWAP (cents) Total Total Price Price YTD Market
Ticker Price (cents) Traded Traded Traded Change Change (%) Cap
Price Volume Value ($) (cents) (%) ($m)
AFDIS Consumer Goods AFDIS: ZH 26300.00 26300.00 26300.00 200 52,600 - - -0.15 31,427.06
African Sun Consumer Services ASUN: ZH 3200.00 3600.00 3257.14 700 22,800 57.14 1.79 32.42 48,137.32
ART Industrials ARTD: ZH 1800.00 1800.00 1800.00 600 10,800 - - 28.57 7,865.59
Ariston Consumer Services ARISTON: ZH 457.92 450.00 452.79 3,400 15,395 -5.13 -1.12 11.69 7,368.68
Axia Consumer Goods AXIA: ZH 10340.46 11000.00 10726.82 13,700 1,469,575 386.36 3.74 -3.55 59,525.30
BAT Consumer Goods BAT: ZH 277960.00 277350.00 277350.00 5,500 15,254,250 -610.00 -0.22 -0.92 57,227.06
Bridgefort Capital Industrials BFCA: ZH 800.00 - 800.00 - - - - - 96.00
Bridgefort Class B Financial Services BFCB: ZH 2600.00 - 2600.00 - - - - - 34.89
CAFCA Industrials CAFCA: ZH 26460.00 - 26460.00 - - - - 32.23 2,311.31
CBZ Banking CBZ: ZH 14700.00 14500.00 14500.00 700 101,500 -200.00 -1.36 7.41 75,785.91
CFI Industrials CFI:ZH 43000.00 - 43000.00 - - - - 4.44 45,597.58
Dairibord Consumer Goods DZL: ZH 5985.00 6880.00 6828.00 3,000 204,840 843.00 14.09 95.09 24,444.30
Delta Consumer Goods DLTA: ZH 40579.48 43030.00 42788.02 387,500 165,803,600 2208.54 5.44 18.93 558,747.19
Ecocash Technology EHZL: ZH 5151.73 5150.00 5160.41 216,000 11,146,480 8.68 0.17 28.75 133,684.41
Econet Telecommunications ECO: ZH 13576.16 14005.00 13888.31 924,600 128,411,300 312.15 2.30 44.26 359,787.34
Edgars Consumer Services EDGR: ZH 960.00 960.00 960.00 12,600 120,960 - - 1.05 5,800.78
FBC Banking FBC: ZH 6046.75 6605.00 6605.00 15,000 990,750 558.25 9.23 6.53 44,382.29
Fidelity Financial Services FIDL: ZH 2400.00 2400.00 2400.00 200 4,800 - - - 2,614.16
First Capital Banking FCA: ZH 1320.00 1350.00 1320.07 56,300 743,200 0.07 0.01 -16.19 28,512.39
FML Financial Services FMHL: ZH 1905.00 - 1905.00 - - - - -25.59 13,147.23
FMP Real Estate FMP: ZH 1499.55 1500.00 1500.00 2,700 40,500 0.45 0.03 25.00 18,572.36
GBH Industrials GBH: ZH 174.75 174.75 174.75 100 175 - - -2.56 937.69
Getbucks Financial Services GBFS: ZH 2152.00 2000.00 2000.00 200 4,000 -152.00 -7.06 -8.26 23,262.37
Hippo Consumer Goods HIPO: ZH 40000.00 44000.00 41303.37 8,900 3,676,000 1303.37 3.26 126.20 79,724.00
Innscor Industrials INN: ZH 72864.60 77200.00 75252.24 358,200 269,553,500 2387.64 3.28 5.44 428,844.79
Mash Real Estate MASH: ZH 800.73 - 800.73 - - - - -13.41 13,512.99
Masimba Industrials MSHL: ZH 11460.00 - 11460.00 - - - - 43.33 27,693.51
Meikles Industrials MEIK: ZH 16141.67 16100.00 15816.48 9,100 1,439,300 -325.19 -2.01 41.22 40,514.03
Nampak Industrials NPKZ: ZH 1210.50 1265.00 1265.13 3,900 49,340 54.63 4.51 40.41 9,559.93
NTS Industrials NTS: ZH 1020.00 1560.00 1020.00 44,127,058 688,382,100 - - 0.00 2,589.50
NMBZ Banking NMB: ZH 3597.92 4000.00 4000.00 3,200 128,000 402.08 11.18 6.19 16,166.87
OK Zim Consumer Services OKZ: ZH 4359.59 4565.00 4614.88 8,600 396,880 255.29 5.86 42.79 59,823.24
Proplastics Industrials PROL: ZH 5895.00 - 5895.00 - - - - 78.64 14,851.61
RTG Consumer Services RTG: ZH 1200.00 - 1200.00 - - - - 35.29 29,945.95
RioZim Basic Materials RIOZ: ZH 14010.00 14015.00 14015.00 2,600 364,390 5.00 0.04 0.04 17,102.43
SeedCo Consumer Goods SEED: ZH 21820.00 - 21820.00 - - - - 192.81 54,413.33
Star Africa Consumer Goods SACL: ZH 188.35 190.00 190.00 20,700 39,330 1.65 0.88 -10.30 8,958.66
Tanganda Consumer Goods TANG: ZH 15524.83 16800.00 16800.00 500 84,000 1275.17 8.21 87.99 43,858.85
Truworths Consumer Services TRUW: ZH 250.00 250.00 250.00 1,000 2,500 - - -9.09 960.17
TSL Consumer Goods TSL: ZH 5027.11 - 5027.11 - - - - 14.24 18,000.92
Turnall Industrials TURN: ZH 444.00 - 444.00 - - - - 12.48 2,189.10
Unifreight Industrials UNIF: ZH 5170.00 - 5170.00 - - - - 0.10 5,504.72
Willdale Industrials WILD: ZH 305.00 295.00 297.13 4,700 13,965 -7.87 -2.58 65.07 5,282.98
ZB Banking ZBFH: ZH 11295.00 11300.00 11300.00 400 45,200 5.00 0.04 0.04 19,796.54
Zeco Industrials ZECO: ZH 3.31 - 3.31 - - - - 0.00 15.34
Zimpapers Consumer Services ZIMP: ZH 343.67 - 343.67 - - - - 42.43 1,979.54
Zimplow Industrials ZIMPLOW: ZH 2295.00 2295.00 2295.00 1,400 32,130 - - 35.00 7,908.12
ZHL Financial Services ZHL: ZH 707.38 766.00 766.00 10,200 78,132 58.62 8.29 45.90 13,927.56
TOTAL 46,203,458 1,288,682,292 2,472,393.88

ETFs
Cass Saddle Agriculture ETF CSAG.zw 225.00 - 225.00 - - - - 25.00 81.45
Datvest Modified Consumer Staples ETF DMCS.zw 150.00 150.00 150.00 12,700 19,050 - - -3.85 105.80
Morgan&Co Made in Zimbabwe ETF MIZ.zw 129.66 130.00 130.00 5,000 6,500 0.34 0.26 14.29 3,108.31
Morgan&Co Multi-Sector ETF MCMS.zw 2445.65 - 2445.65 - - - - 6.33 3,146.89
Old Mutual ZSE Top 10 ETF OMTT.zw 756.00 756.00 756.03 10,480 79,232 0.03 0.00 17.39 1,085.85

FINSEC
Old Mutual Zimbabwe Financial Services OMZIL 13000.00 - 13000.00 - - - - - 10,791.52

VFEX (US cents) US$m

BNC Mining BIND:VX 2.40 2.10 2.14 6,550 140 -0.26 -10.83 -6.96 27.24
Caledonia Mining CMCL:VX 1300.00 - 1300.00 - - - - - 8.06
NatFoods Consumer Goods NTFD:VX 181.00 - 181.00 - - - - 1.32 123.80
Nedbank Financial Services NED:VX 1150.00 - 1150.00 - - - - - 1.84
Padenga Consumer Goods PHL:VX 28.75 28.75 28.75 18,511 5,322 - - 25.44 155.71
SeedCo International Consumer Goods SCIL:VX 27.95 27.95 27.95 8 2 - - -6.68 106.62
Simbisa Brands Consumer Goods SIM: VX 43.00 43.00 44.58 394 176 1.58 3.67 21.80 250.62
TOTAL 25,463 5,640 673.89

REITs
Tigere REIT TIG.zw 5062.00 5062.00 5062.00 1,295 65,553 - - 23.52 64,425.73

Index Close Change (%) Open YTD % Top 5 Risers Price Change % YTD %
ZSE All Share 23,461.00 +2.84 22,813.24 +20.35 Dairibord 6828.00c +843.00c +14.09 +95.09
Top 10 14,293.63 +3.40 13,824.24 +16.10 NMBZ 4000.00c +402.08c +11.18 +6.19
Top 15 16,011.25 +3.12 15,526.17 +19.16 FBC 6605.00c +558.25c +9.23 +6.53
Small Cap 498,287.41 +0.00 498,286.56 +10.23 ZHL 766.00c +58.62c +8.29 +45.90
Medium Cap 48,923.22 +1.50 48,200.90 +33.52 Tanganda 16800.00c +1275.17c +8.21 +87.99

Top 5 Fallers Price Change % YTD %

Getbucks 2000.00c -152.00c -7.06 -8.26
Willdale 297.13c -7.87c -2.58 +65.07
Meikles 15816.48c -325.19c -2.01 +41.22
CBZ 14500.00c -200.00c -1.36 +7.41
Ariston 452.79c -5.13c -1.12 +11.69

EU struggles to agree Russian oil

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product price cap, seeks Friday deal

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BRUSSELS, Feb 1 (Reuters) - EU
countries will seek a deal on Friday
on a European Commission proposal
to set price caps on Russian oil prod-
ucts, after postponing a decision on
Wednesday amid divisions between
member states, diplomats said.
The European Commission pro-
posed last week that from Feb. 5 the
EU apply a price cap of $100 per bar-
rel on premium Russian oil products
such as diesel and a $45 cap per bar-
rel on discounted products such as
fuel oil.
The price cap numbers have to be
approved by all 27 European Union
member states. Their ambassadors
will meet on Friday to attempt to
reach a deal, three EU diplomats
told Reuters.
Poland and the three Baltic states
are still pushing for the caps to be set
at lower levels to curb the revenues
Moscow receives from selling fuel as
much as possible following its inva-
sion of Ukraine, the diplomats said.
One noted, however, that the EU
has limited ability to change the
price cap since it is a broader agree-
ment among the Group of Seven
(G7) countries.
The Feb 5. price caps and EU ban
on Russian oil product imports fol-
low a $60 per barrel cap imposed
on Russian crude on Dec. 5 as G7
countries and the EU seek to limit
Moscow’s ability to fund its war in
Ukraine.
Both caps work by prohibiting
Western insurance and shipping
companies from insuring or carry-
ing cargoes of Russian crude and oil
products unless they were bought at
or below the set price cap.
EU country ambassadors will also
resume talks on Friday on extending
sanctions to Belarus, to crack down
on the circumvention of sanctions
on Russia by companies routing
banned products through its neigh-
bour, the three diplomats said.
- Reuters
8 2 - 8 February 2023
Auditor General
unfazed despite threats
ANESU MASAMVU
Auditor General Mildred Chiri said
she is neither scared nor intimidated
by corrupt individuals and cartels
exposed in her damning reports
that have shown how rampant cases
of lack of transparency and fraud
are in government ministries and
parastatals.
Chiri has exposed bigwigs,
ministries, parastatals and private
firms in her reports that prove
Zimbabwe has lost billions of
dollars due to leakages and lack of
accountability.
She told Business Times this week
that despite stepping on several toes
in exposing corrupt individuals and
entities, some potentially dangerous,
she remains unshaken and her
conscience is clear as she was only
Tobacco Research Board diversifies operations Media key in
TRB has diversified into other crops away from its traditional tobacco related business
LIVINGSTONE MARUFU
The Tobacco Research Board (TRB)
has diversified into other crops away
from its traditional tobacco related
business, it has been learnt.
These crops include sweet
potatoes, bananas and fruit trees,
TRB chief executive officer Frank
Magama said.
“We are heavily involved in the
research of tobacco but we have
since gone out of that as we are also
involved in the plant clinic where
we diagnose diseases not only for
tobacco but for the whole industry
Mixed feelings over mine closure
SYDNEY SAIZE IN MUTARE
Artisanal miners, business
community, vendors and civil society
organisations (CSOs) have expressed
mixed feelings on the decision by
the Environmental Management
Agency (EMA) to shut down
mining operations at Redwing Mine
in Penhalonga district, Manicaland
Province.
The mining claim was operated
by Betterbrands Mining Private
Limited.
But EMA suspended its licence
due to a myriad of reasons including
lack of safety measure for its workers.
There were more than 100 reported
fatalities at the mine in two years.
BT News
doing it for the good of the country.
“That is a difficult question but
what I can say is that if you stand
by what you do and you have a clear
conscience on what you are doing, it
is not something you are reinventing
and by saying it out, it is not like you
want to really expose anyone but it
is an effort to ensure that a gap is
closed and addressed,” Chiri said.
“In as far as transparency is
concerned, it is up to how people
want to view it. If they think that it
is now a ground for an attack, then
the world is upside down and it is
like all of us are losing our integrity,”
she added.
Chiri insisted she will continue
to expose corruption without fear or
favour.
“It is necessary and somehow,
someone would have to say it even
including recommendations and
remedial action that can be taken,”
he said.
“We are promoting the
production of potatoes for the
industry and we are looking at it
from import substitution policy
where we want to provide all the
seed that is grown for potato in
Zimbabwe.
Magama said the board has
moved to develop the growing of
other cash crops to transform the
whole agriculture sector and ensure
that the country’s dependency on
imports comes to an end.
Some members of the Penhalonga
business community, vendors
and artisanal miners bemoaned
the closure of mining activities at
Redwing Mine which they say has
transformed their lives.
“With the current socio-economic
situation in our country, mining
which was done at Penhalonga
was our only source of income.
Some people benefited directly
and others indirectly depending
on what one does in the area,” the
Vendors Association chairperson
Loice Mangware and the business
community representative, Moses
Kimbini said in a joint statement.
The statement continued: “It is
with a heavy heart that most of our
BUSINESS TIMES
if I am not to say it myself. Someone
who comes after me will say it
because this is something in the
constitution. It is my mandate and if
I do not do it, I am being negligent,”
she said.
Chiri said her office was working
well with other institutions tasked
with fighting corruption including
the Zimbabwe Anti-Corruption
Commission but immediately
bemoaned slow pace in ensuring
those involved are brought to book.
“I think I would say we are
seeing some traction. There is some
improvement in addressing the
issues that we are raising though
they are areas that are a cause for
concern but by and large there is
some improvement.”
She said her office will soon start
the 2022 audits.
Magama said TRB wants to
ensure that the country should be an
exporter of various crops by 2025.
TRB has exclusive rights to flue-
cured research in Zimbabwe and all
varieties of tobacco sold in Zimbabwe
must be those recommended by the
research board.
Without TRB’s approval, one’s
seed is regarded as counterfeit which
might destabilise the growth of the
golden leaf.
Furthermore, all agrochemicals
used on tobacco must be approved
by the TRB before use, in terms of
the Tobacco Marketing and Levy
families depend on us as the bread
winners within the family set up
and as such we are pleading with the
government and other stakeholders
within the mining sector to ease
their laws in order for us to resume
business.”
Abel Mupengesi from Buhera
district told Business Times his only
source of survival has been dealt a
body blow.
“I came here last year to eke out a
living through contracts to work on
the mine, but now since it has been
closed I have nowhere to get some
money and I don’t know when we
will get back to work,” Mupengesi
said.
He added: “Being the breadwinner
Auditor General Mildred Chiri
Act.
The board emphasises science-
and fact-based management of the
crop by growers.
TRB provides an authoritative
source of information, knowledge
and technology for tobacco growers
in particular but also other players
in the farming sector.
The research board undertakes a
number of activities in support of
the Ministry of Lands, Agriculture,
Fisheries, Water and Rural
Development to maximise economic
value towards the attainment of
Vision 2030.
all eyes are on me and am hopeless of
what to do now.”
Rueben Chaitezvi from Headlands
called for a quick resolution so that
“people get back to work”.
“Everyone knows that there are
very few jobs and closing some
companies that had absorbed the
unemployed is adding salt to injury.
We pray for the mine to be opened
sooner than later,” said Chaitezvi.
The Centre for Research
Development’s James Mupfumi
welcomed the development, adding
the government should see to it that
corners are not cut when revising
the resumption of operation at the
mine.
“We are expecting the government
advancement
of NDS1
TENDAI BHEBE IN BULAWAYO
The media should play a critical
role in the development and
advancement of the government’s
economic blueprint, the National
Development Strategy 1 (NDS1),
the Zimbabwe Media Commission
(ZMC) chairperson, Ruby
Magosvongwe has said.
NDS1 is a five-year medium
term plan aimed at realising
the country’s ambitious goal of
becoming an upper middle income
country by 2030.
Speaking at an editors’ dinner
held last week in Bulawayo,
Magosvongwe said Vision 2030
acknowledges the critical role of the
media as it plays a catalytic role in
rallying our people around national
priorities and objectives
It is also within this context that
we need to discuss the role of the
media in the context of devolution,
she said.
“…We hope to build a media
industry that is responsive to
the needs and aspirations of all
Zimbabweans,” Magosvongwe said.
Government requires about
US$40bn to fund the ambitious
plan.
to cancel the non-standard tributary
agreement that it granted to
Betterbrands without undertaking
due diligence that has seen over 100
people dying,” said Mupfumi.
He said the government should
be held accountable for the deaths of
the people at the mine.
“We are also expecting Parliament
to summon Betterbrands Mining
and recommend legal action for
conducting reckless mining that
is killing people. If the temporary
ban is lifted without reforms we are
approaching the United Nations
Human Rights Council to register
our insecurity,” Mupfumi said.
He said the government has
a universal obligation to protect
Consequently, Magosvongwe said
it was critical to build partnerships
in order to realise the Vision 2030.
“Successful implementation
of the programmes and projects
in this plan will accelerate the
transformation of the economy and
bring about the desired economic
and social progress for all,” she said.
“With an overall funding
requirement of over US$ 40bn,
funding the plan is ambitious,
requiring the government to build
new partnerships with the private
sector and development partners
to crowd in additional finance.
Such collaboration will reduce
duplication and overlap allowing
for the efficient use of all available
resources towards a common goal.”
ZMC is an independent
commission and has registered close
to 200 media services and over 3
300 journalists.
Most of the functions of
the Commission as provided
for by the Constitution are
governance functions requiring a
deep engagement with industry
players and with the selection and
encouragement of new technologies,
if not new investments in media.
human rights and it is bound by the
Human Rights Charter.
In a letter to stakeholders dated
January 20, 2023, Betterbrands
mine manager, Alexio Guyo said:
“Betterbrands Mining shall take
this opportunity to restructure
and rehabilitate the mining field
in preparation for resumption of
surface and underground mining
operations.”
The closure of the mining
operations in Penhalonga comes
after Business Times first reported
that some Penhalonga residents
and civil society organisations and
community based organisations
were pushing for the closure of the
mine.
2 - 8 February 2023
Community
Rubbish in Harare:
The order of the day
STAFF REPORTER
H
arare City council
faces a myriad of
failures and refuse
collection is one of
them.
Desperate residents, tired of
waiting for garbage collection, have
resorted to other means of clearing
rubbish from their yards but the
option they take has proven to have
dire consequences and adds up to
a growing list of council failures to
address service delivery issues.
Refuse has become the order
of the day in suburbs and the city
centre, raising fears of diseases
especially coming at a time the city
is struggling to deal with perennial
water crisis that has now led to
waterborne diseases.
Fear of a repeat of the 2008
cholera outbreak that claimed lives is
now abound. And it is scary.
A snap survey by Business Times
across the city shows that residents
have resorted to other means to
“clean” their environs, outside the
expected intervention of the City of
Harare that has come up with excuses
in their glaring failure to address the
service delivery issues in the city.
In Warren Park suburb, a stone
throw from the National Heroes
Acre where the country’s national
heroes are laid to rest, garbage is the
order of the day particularly at the
main shopping centre where it has
taken up more space than facilities
BCC rolls out immunisation programme
TENDAI BHEBE IN BULAWAYO
The Bulawayo City Council (BCC)
in partnership with CORDID
International this week launched an
extensive immunisation programme
targeting children aged five and
below to prevent them from killer
diseases.
The first phase kicked off on
Monday this week and will end
tomorrow.
The next round will commence at
the end of this month with another
one coming in March.
“The city of Bulawayo is
currently conducting an exercise of
opportunities to children under five
years old to catch up on any vaccines
that they may have missed that are
Seed Co donates sanitary kits
STAFF REPORTER
Zimbabwe’s largest seed producer,
Seed Co Limited, on Tuesday
donated sanitary kits to Unlimited
Hope Alliance in Harare as part of
its corporate social responsibility
programme to help the
disadvantaged in society.
Speaking at the donation, Seed
Co non-executive director Remina
built to provide shed to commuters.
Desperate measures
Residents say they have now
resorted to dumping rubbish
anywhere they deem necessary and
these include every available open
space in communities.
This has led to pollution but
even worse, many have resorted
to burning rubbish at night, again
polluting the air.
This is so in different other areas in
the capital city including the central
business district where garbage has
taken over the beauty of several bus
termini.
Copacabana is one such place and
the city fathers do not seem to care
enough.
Others are dumping rubbish
clogging the drainage system in the
process and with the rains, the roads
have become messy.
Mayor Jacob Mafume has tried
to lead his councillors, two from
Zanu PF, others from his Citizens
Coalition for Change and some from
the MDC-T into service delivery
provision but there is nothing to
show for now.
Blame Game
Mafume and his councillors
have resorted to blaming residents,
government and the corporate world
for not paying to ensure services
are provided while the residents
insist they would rather not pay any
dime for nothing. Harare is owed
ZWL$61bn by residents, business
and the government.
aimed at preventing outbreaks of
diseases that affect the under-fives.
As a city we have partnered with
CORDID and we are conducting
a citywide immunisation exercise
where all under-fives will be given
the opportunity to catch on any
vaccinations that they may have
missed,” BCC spokesperson, Nesisa
Mpofu said.
She said the exercise is being
conducted in three rounds on a
monthly basis and these rounds
consist of five days per round.
“It is an intensified immunisation
programme and it means that we will
be looking at ensuring that as many
children as possible are vaccinated
within the city of Bulawayo. It is
important our children are able
Chitengu said the company’s policy
aims to bring transformation to
lives.
“This donation is intended
for young girls in rural areas
that are vulnerable and with no
access to sanitary wear. Our aim
as an organisation is to ensure
communities, farmers, and the girl
child are protected,” Chitengu said.
“Access to sanitary wear is every
Business Times
Desperate residents, tired of waiting for garbage collection, have resorted to other means of clearing rubbish from their yards
Failure by the local authority
to collect refuse has worsened an
already desperate situation. Harare
has for years failed to provide potable
water to over two million residents
within Greater Harare.
to get these vaccines so that we
minimise and reduce outbreaks of
vaccine preventable disease,” Mpofu
said.
The vaccination exercise comes
after reports of children dying
following the measles outbreak
across the country.
According to UNICEF,
vaccines help protect children and
adolescents from serious, often fatal
illnesses.
Diseases such as tuberculosis,
hepatitis B, poliovirus, diphtheria,
tetanus, pertussis (whooping cough),
haemophilus, pneumococcal,
rotavirus, measles, mumps, rubella
and human papillomavirus are
preventable childhood diseases by a
vaccine.
child’s right and Seed Co is playing
its part to ensure communities and
the girl child is protected.”
She said Seed Co aims to ensure
that it plays its part to prevent the
girl child from becoming another
statistic and hence moves to
prevent and minimise cases of early
child marriages and pregnancies,
drug abuse, and poverty.
Chitengu said a company should
No services no payment
Residents have vowed not to pay
for services not rendered and the
attitude will likely worsen the already
desperate situation.
“40% of residents are paying but
TATENDA CHIKARA IN MASVINGO
The recent increase in the price of
mealie-mealie in many retail shops
in the city of Masvingo has irked
residents who feel many will not
afford it.
A snap survey conducted by
Business Times this week revealed
that a 10kg bag of roller meal now
costs between US$6 and US$7 from
US$4 charged last month.
“We are shocked with mealie-
mealie price hikes. Imagine buying
a 10kg bag of mealie-meal for
US$6.50 or US$7. It’s too much,”
said one resident who requested not
to be named.
Another resident said: “It’s not
justified. It’s frustrating. Government
should intervene.”
The chairperson for National
Council of Disabled Persons in
Zimbabwe, Tawengwa Mazhambe
lambasted the move.
“Rising commodity prices are
actually affecting us as disabled
persons because only a few of us
[PLWDs] are formerly employed.
“We plead for a government
system that is established to cushion
BCC mulls setting up travel centre in CBD
TENDAI BHEBE IN BULAWAYO
The Bulawayo City Council (BCC)
is planning to construct a travel
centre in the city’s central business
district (CBD), Business Times can
report.
The development was revealed
by BCC director of town planning,
Wisdom Siziba.
give back to society as it makes
it possible for the company to
continue to be named “Home of
Bumper Harvests.”
“We recognise the efforts
brought about by institutions such
as Unlimited Hope Alliance, and
we are here as Seed Co to augment
your efforts and assist where we
can.
“We have over the years adopted
9
BT
the government has huge debts and there are no services, it is hard for
they are not paying. They are not the residents to pay the bills. It is a
paying for services,” Mafume said serious issue that the local authority
recently. should deal with. It is playing with
Combined Harare Residents numbers and their city Treasury
Association’s Reuben Akili said: “If Department.”
Outcry over
mealie mealie
price hike
disabled people. We should be having
identity cards that we can produce
in shops so that we buy goods at
subsidized prices,” Mazhambe said.
Economist and director at Labour
and Economic Development
Research Institute of Zimbabwe,
Prosper Chitambara said poor
harvests experienced last season
catapulted a decrease in maize supply
that has resulted in price increase of
maize.
“An increase of maize and mealie-
mealie prices is attributed to low
supply of maize because of poor
harvests experienced last year. So we
are hoping that this year we witness
The recent increase in the price of
a bumper harvest so that prices can mealie-mealie has irked residents who
stabilize,” said Chitambara. feel many will not afford it.
It comes at a time bus crews have The illegal parking of buses has
illegally set up picking points in the attracted touts, vendors and pushcart
city centre. operators. This has resulted in noise
“An area was set aside for a travel pollution and littering around in the
centre along 15th Avenue, not far area.
away from the National Railways of Siziba said buses should have
Zimbabwe,” Siziba said. timetables for picking and dropping
He added: ““We are working on off passengers.
that so that at least we try to make
sure that the city is clean.”
various strategies in an effort to such as the ones here with us and
bridge the gap between those who many others such as children’s
have more and those who have less. homes, churches, hospitals, schools
“Our CSR activities are based and rural and urban disadvantaged
on merit and need. Our approach communities.
to CSR has been to focus on Seed Co continues to make
promoting health and wellness, efforts to bring sustainability across
education, sports and culture, and the board.
also agriculture,” Chitengu said. The seed producer increasingly
She said over the years, Seed Co aims to not only feed communities
has worked with various institutions but to also resource them.
10
BT
South African factory activity
stable in January: Absa PMI
S ‘Nobody wants
outh African manufacturing
activity remained in positive
terrain in January, as a decline
in employment and new sales
orders was offset by growth
in business activity and inventories, a
survey showed on Wednesday.
The seasonally-adjusted Absa
Purchasing Managers’ Index (PMI)
was at 53.0 points in January, almost
unchanged from 53.1 in December and
remaining above the 50-point mark that
separates expansion from contraction.
The survey showed that the business
activity index improved in comparison
to the previous month despite rolling
power cuts, which held back production
and affected new sales orders.
“Should this translate into actual
production growth, it would be a
promising start to the year for the
struggling sector,” Absa said in a
statement.
Absa added that continued activity
growth would require a sustained
improvement in demand and most
likely a move to less intense stages of
power outages.
Struggling state utility Eskom
has implemented power cuts every
day this year, after a record number
of days with outages last year. On
Tuesday, it ramped up power cuts
to the highest level on record.
— Reuters
Egypt poised to announce
detailed plan for state stake sales
Vehicles drive on a road next to the construction site of the Iconic Tower skyscraper in the Central Business District
(CBD), which is being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital
(NAC) east of Cairo, Egypt January 15, 2023. REUTERS/Amr Abdallah Dalsh/
Tunisian police arrested an
official in the country’s largest
labour union over a strike by toll
booth workers, the UGTT union
said on Wednesday, in a growing
confrontation between President
Kais Saied and one of Tunisia’s
strongest political forces.
The UGTT, which has more
than one million members, said
police detained Anis Kaabi, the
general secretary of the union’s
highways branch, at his home
late on Tuesday.
Hamza al-Mahmoudi, a and threaten to block the
union official, said Kaabi was
arrested after a complaint from a
government ministry that he was
costing the state financial losses
due to a strike this week by union
members at highway toll booths
who are demanding more pay.
Both the police and a
spokesperson for the Interior
Ministry were not immediately
available for comment.
The arrest could aggravate
A worker moves a vehicle door as operations begin after flooding in April shut down the Toyota South Africa Motors plant in
Durban, South Africa, August 16, 2022. REUTERS/Rogan Ward
tensions between Saied and
the union, which has taken
an increasingly strong stance
against his expansion of powers,
introduction of a new political
system and proposals for
economic reforms.
Kaabi was detained hours after
President Saied said in a speech
to police forces that they should
take action against “those who
conspire against national security
or against public companies”.
“Those who block the road
motorway cannot remain outside
the circle of accountability and
punishment,” he said.
The UGTT called on workers
to mobilise and to be ready to
defend the trade union rights and
public and individual freedoms
in all forms of struggle.
The union, which has proven
its ability to shut the economy
with strikes, has played a key
role in Tunisian politics since the
Business Times
Egypt’s government aims to announce a
detailed plan next week to offer stakes in at
least 20 state companies over the coming year,
Prime Minister Moustafa Madbouly said after
a cabinet meeting on Wednesday.
An Egyptian plan to sell stakes in public
companies, first announced more than five
years ago, has gained new urgency since the
Russian invasion of Ukraine triggered heavy
foreign investment outflows from Egyptian
financial markets and threw the economy into
crisis.
Egypt in December agreed a $3 billion
rescue plan with the International Monetary
Fund (IMF) in expectation that the state
withdraw from some non-strategic sectors of
the economy to allow space for the private
sector to grow.
“The whole goal is to increase the
participation of citizens and the private
sector in the development process and their
management and participation in public
institutions that have been owned by the
state,” Madbouly said, adding that a detailed
plan should be in place after the next cabinet
meeting.
The company offerings will be made over
the course of a year, with some being sold
on the stock exchange and others to strategic
investors, Madbouly said.
“Large investors will also participate in
restructuring and expanding production lines
of the companies while also increasing their
capital,” he added.
Tunisian labour union says police
arrested top union official over strike
2011 revolution, helping broker
a deal for a new constitution in
2014.
It has used increasingly strong
language against Saied, while so
far stopping short of any major
campaign of strikes and protests
to directly challenge his political
agenda.
Saied, who shut down
parliament in 2021, seizing
most powers and moving to rule
by decree before writing a new
constitution, has ignored repeated
UGTT demands for a national
dialogue to resolve Tunisia’s
internal political disputes.
— Reuters
to come this way’
Their journey starts with a
humanitarian visa for Brazil: one
of the few remaining exit routes for
Afghans fleeing Taliban rule.
It ends – after a perilous trek
overland through Latin America
across at least 11 countries – with
scaling the border wall and jumping
onto U.S. soil.
More than a year after the chaotic
U.S. withdrawal from Kabul, the
number of Afghans crossing the
U.S.-Mexico border to seek asylum
in the United States has soared.
Hundreds of people each month
are risking their lives to get there
on a human smuggling route
notorious for kidnapping, robbery
and assault.
U.S. border agents apprehended
2,132 Afghans last year – a close
to 30-fold increase over the prior
year – with nearly half arriving in
November and December, U.S.
government data show.
Reuters spoke to a dozen
Afghans who braved the journey.
Eleven said they made it to the
United States; Reuters has not been
able to confirm the whereabouts of
one person a reporter interviewed
in Mexico. All said they were
unable to start new lives in Brazil
and instead headed north by land.
Several refugee advocates and
former U.S. officials said the
increasing number of Afghans
attempting the route reflected
a failure both to address the
humanitarian crisis inside
Afghanistan and to provide
adequate support for those who
leave.
The United States has been
slow to process visas, they say, and
together with the United Nations
High Commissioner for Refugees
(UNHCR) should be doing more
to help other countries to assist
Afghan refugees.
“Just getting out of the country is
hard. And then if you do, it doesn’t
mean that you’ve reached safety,”
said Anne Richard, who served
as the U.S. assistant secretary of
state for population, refugees and
migration from 2012 to 2017.
The State Department said in
response to Reuters questions
that it has tried to speed up visa
processing for “the brave Afghans
who stood side-by-side with the
United States  over the past two
decades” and that it has offered
support to governments to avoid
“irregular migration.” It declined to
comment on individual cases.
UNHCR said the humanitarian
Brazilian visa program, which offers
two-years residency and the right to
work, study and apply for refugee
status, is “an extremely important
2 - 8 February 2023
Regional
contribution” but said shelters in
the country are “overwhelmed.”
The Brazilian government
did not respond to requests for
comment.
About 4,000 Afghans have
entered Brazil on humanitarian
visas since the program began
in Sept. 2021, the U.S. State
Department said, with a significant
uptick in the final months of 2022.
Last year, 2,200 Afghans crossed
through the lawless jungle region
between Colombia and Panama
known as the Darien Gap – the only
land route from South America
toward the U.S. border – with
nearly half crossing in November
and December. In all of 2021, just
24 Afghans crossed, according to
Panamanian government data.
The Taliban administration’s
spokesperson did not respond to
requests for comment about the
escalating exodus. In recent weeks,
Taliban spokesmen have said that
Afghanistan is the “home of all
Afghans” and that those who have
left can come back.
Reuters focused on four journeys
by Afghan migrants who reached
the United States, corroborating
key details of their accounts
with emails, official documents,
interviews with relatives and co-
workers as well as videos, photos
and voice memos sent during their
travels.
When 25-year-old Ilyas Osmani
landed in Sao Paulo on Oct. 2 after
more than 30 hours in transit from
Tehran, he said he told an official
at passport control that he was a
refugee and asked for assistance.
The official simply shrugged,
Osmani said, and told him he
was free to go. An activist who
had spoken about women’s rights
several times on Afghan television,
Osmani said he feared he was at risk
under the Taliban because of his
advocacy and his work as a general
manager for a logistics company
that was a subcontractor for U.S.
armed forces.
At baggage claim, he called an
Afghan acquaintance who told
him to head to Terminal 2, where
he could find other Afghans. Once
there, he said, he put his name on a
waiting list for shelter spots.
That first night on the cold tile
floor of the airport, Osmani said he
barely slept. From a Tajik family in
the northern city of Mazar-i-Sharif,
Osmani said he had felt lucky when
he won a U.S. immigration lottery
in 2020 allowing him to apply
for a “diversity” visa, designed for
nationals of countries with low rates
of immigration to the United States.
— Reuters
2 - 8 February 2023 11

BT Insight
BUSINESS TIMES

Climate action through

energy efficient technologies
met. carbon economy.
COLUMN Once the contractor has been
paid, the excess funds from the
Energy performance Contracts
present an attractive business
MIKE JURU energy savings can be ploughed back opportunity for the real estate,

L
ast week’s read focused
on Energy Security and
how it is linked to Energy
Poverty, Energy access and
what role they all play in
the Climate Risk Matrix.
We can reveal that for a nation to
be energy sufficient, the country’s
Climate Policy should seek to
optimise Energy Security in a
manner that can sustainably support
industrialisation.
To achieve this optimisation at
scale national policy interventions
are critical. Technology and ongoing
research shows that adoption of
efficient energy technologies plays a
significant role on climate. To this
end, Energy Performance Contracts
and Green Buildings policies have
often been employed as a form of
Climate Action.
Recently, a Not-for-profit
Organisation called Green Buildings
Council of Zimbabwe (www.gbczw.
org.zw) was formed. Its objective is
modernise existing and new the real
estate developments to be adaptive
and responsive to the environment
with special emphasis and advocacy
on development of policies, tools
and regulations for Green buildings
and energy efficiency in Zimbabwe.
The council strongly believes in
sustainability which delivers the
present needs without compromising
the ability of future generations to
meet their own needs
This articles interrogates the
fundamentals of Green Buildings,
and Energy Performance contracting
in relation to Climate and Energy
Efficiency.
Green Buildings
The Environmental Protection
Agency (USA) defines Green
Building as “the practice of creating
structures and using processes that
are environmentally responsible
and resource-efficient throughout
a building’s life-cycle from siting
to design, construction, operation,
maintenance, renovation and
deconstruction” This concept covers
the classical building design concerns
of economy, utility, durability, and
comfort with a view to achieve
a sustainable high performance
building.
Energy Efficiency
Energy Star ® defines Energy
efficiency as “using less energy to
get the same job done – and in
the process, cutting energy bills
and reducing pollution.” Most of
the gadgets we have at our homes,
offices and industry use more energy
than they actually need as a result
of inefficiencies and energy waste.
Energy efficiency eliminates energy
waste and lowers energy costs.
If energy losses are reduced,
consequently we put less strain on
the current power generation assets
and hence less fossil fuel usage.
The use of energy efficient
technologies is Climate Action in
the sense that it reduces carbon
emissions, cleans the air we breathe,
help families meet their budgets,
and help businesses improve their
bottom lines.
Energy Performance Contract
The European Energy Efficiency
Platform defines Energy Performance
Contracting as “a form of ‘creative
financing’ for capital improvement
which allows funding energy
upgrades from cost reductions.
This is how it works; A certified
contractor implements a project
to deliver energy efficiency, or a
renewable energy project, and uses
the stream of income from the cost
savings, or the renewable energy
produced, to repay the costs of the
project, including the costs of the
investment.
The contractor guarantees energy
savings from the project and will
not receive payment unless the
project delivers energy savings as
per contract. For example, a hotel
may contract a professional firm to
implement technologies that reduce
its lighting and heating bill by 40%.
The contractor guarantees at least
a 40% saving and payment for their
services will only come on condition
that the promised energy savings are
to fund other capital projects like the
generation of cleaner and renewable
energy sources that have a direct
impact on climate.
Discussion
Current technology and research
efforts point to energy efficiency as
a pathway for carbon mitigation,
limiting energy use, improving
buildings’ enhancing energy
performance, and reducing energy
consumption to achieve sustainable
buildings. Sustainable buildings
have become a key issue for many
developing and developed countries
in the twenty-first century.
The global population is expected
to be 9.7 billion by 2050. This
increase in the global human count
is supposed to be matched with
corresponding demand for water,
energy, and natural resources.
The shift in these dynamics will
put pressure on the ecosystem’s
equilibrium and consequently
on energy utilisation on the built
environment. With building sector
energy requirements of around
30%–40% of global energy demand,
it is critical to embed sustainability
in buildings as a way to objectively
reducing these negative impacts.
A case in point, China has
adopted two energy performance
benchmarking methods—the
Evaluation Standard for Green
Building and the National Public
Buildings Energy-efficiency Design
Standards.
Research has shown that these
measures have reduced energy
consumption in public buildings,
thus promoting and developing low-
construction and energy industry.
Energy performance Contracts help
build capacity to invest into Climate
Action without the need to look for
external sources of funds.
Power utilities should also start
leveraging on technologies that
improve the power plant energy
conversion efficiencies. Most power
generation assets are operating below
their name plate capacity. If energy
conversion efficiencies are addressed,
utilities will be able to generate more
power with the same amount of
emissions.
Our online research portal is still
under construction. In the next few
weeks we will also launch a social
media platform where we can share
trending articles and views in the
Climate space. Next week we take
a look at pathways to sustainable
industrialisation and its impact on
Climate.
Your feedback is important to us.
You can reach us on mejuru@intpro.
co.zw with comments, peer reviews
or suggestions on any hot topics on
Climate Change that you would
want us to feature on your favourite
column.
Till next week, let’s always be
conscious of our actions and how
they impact on Climate Change.
Mike Eric Juru is the Chairman
of the Green Building Council
of Zimbabwe. He writes in his
personal capacity. You can reach
us on mejuru@intpro.co.zw with
comments, peer reviews or suggestions
on any hot topics on Climate Change
that you would want us to feature in
the column.

Private Business Corporation: Why you

should register and/or convert to a PBC?
COLUMN
FUNGAI
CHIMWAMUROMBE
& BHEKIMPILO
MANGENA
Many a time, people get scared of
operating a formal business on the
backdrop of huge compliance issues.
Given that most organisations
are still small, copying with
regulatory demands has never been
a walk in the park. Zimbabwe’s new
Companies and Other Business
Entities Act Chapter 24:31 provides
for the establishment of Private
Business Corporations (PBCs) and
the conversion of Private Limited
Companies (PLCs) to PBCs. It is
now possible to formalise a business
at a lower cost with minimal
regulatory requirements.
There are numerous benefits for
registering a PBC, chief amongst
them are:
l At least 1 member and not
more than 20, hence its suitable for
your dream business as a sole trader
without having someone to buy into
the idea.
l Affordable registration fees
given that one can complete
registration for less than USD100
l Has limited liability which
separates you from your business
l Is perpetual, which means your
dream can outlive you for posterity
l There is no distinction between
owners and shareholders
The requirements for establishing
a PBC are limited to:
l Name of the PBC and address
– physical, postal and email
lFull names, ID numbers and
addresses of member(s)
lContribution of each member
and percentage of contribution
lName and address of accounting
officer who should be a registered
public accountant
l Date for end of financial year
for the PBC
In Zimbabwe, most small and
medium enterprises (SMEs) were
established as PLCs and many
people continue to register as private
limited companies due to lack of
information. An existing Private
Limited Company (PLC) may now
be converted to a PBC in line with
section 251 of the Companies and
Other Business Entities Act Chapter
24:31(‘’the Act’’).
A notice for the intention to
change from PLC to PBC should
be published in the Gazette and
changes lodged with the Registrar
of Companies. Changing a PLC to
a PBC does not close off the entity
from converting to a PLC later as
this is provided for by section 250 of
the Act.
PLCs that convert to PBCs will
immediately start to enjoy numerous
benefits such as:
l No need to lodge annual return
l No need for annual general
meeting
l No need for audited accounts
l No need to maintain a register
of members
l Only an incorporation
statement in place of a memorandum
of association, articles, CR6
(directors) and CR5 (registered
office)
l No prohibition for providing
financial statements for the
acquisition of member’s interest.
Get your idea into motion in
2023 and register a PBC. If you
have a private limited company, it’s
high time you consider converting
to a PBC and reduce the compliance
burden.
Fungai Chimwamurombe is a
registered legal practitioner and
Senior Partner at Zenas Legal Practice
and can be contacted for feedback
at fungai@ zenaslegalpractice.com
and WhatsApp 0772 997 889.
Bhekimpilo Mangena is a Business
Consultant at Zenas Consulting
(Pvt) Ltd and can be contacted on
0712500490.
12 Business Times 2 - 8 February 2023

BT Insight

Freedom of Expression and the

Media: Privilege or Fundamental
Constitutional Right?
COLUMN
ZORORAI NKOMO &
PERFECT HLONGWANE

W
hen in 2013, a
new document
that contains the
laws that govern
the country
was adopted, numerous analysts
from across the divide seemed to
agree on one critical character, that
comparatively the document was
progressive and that the inclusion
of the bill of rights marked a new
trajectory the Zimbabwean society
was taking.
Those that commented from a
legal stand point opined that the
ushering in of the 2013 Constitution
in Zimbabwe heralded a progressive
jurisprudential milestone and
framework, moreso when it speaks
on media freedom in the country.
Practitioners also could not
be left out as they joined in the
melodies that sang praises on the
2013 Constitution that somehow
compares to some of the best
constitutions in the world.
However, despite this progressive
legal framework and its glorification,
journalists in Zimbabwe have
continued to face harassment and
violations in their line of work,
which is an impudent violation of Despite the progressive legal framework, journalists in Zimbabwe have continued to face harassment and violations in their line of work, which is an impudent violation of the constitution and disregard of its dictates.
the constitution and disregard of its
freedom which are constitutionally be reasonable and justified in an freedom of speech is found under According to the European of the constitution? These are our
dictates.
entrenched is their importance in open and democratic society based first generation rights, it therefore Convention for the Protection of suggestions.
As it turned out, the songs of
constitutional architecture. on human dignity, equality and follows that Section 61 of the Human Rights and Fundamental First, there is a need to wipe off
praise quickly grew silent and new
From a Constitutional and freedom. Zimbabwe Constitution that deals Freedom, press freedom is integral the confusion and contestations on
melodies through the enactment of
Fundamental Rights perspective, we In the Constitution of Zimbabwe with freedom of expression and and the bedrock of freedom of the principle of media freedom and
laws that attack the very sanctity of
have what are known as First and these are what are commonly known freedom of the media is a first- expression and should be enjoyed freedom of expression to enhance
constitutional provisions on media
Second Generation type of rights as Chapter 4 rights. generation right. without any infringement by the clarity on whether these freedoms
freedom became deafeningly louder.
and we shall explore these to be able Second-generation rights are Legally this entails that the State State. are a privilege or fundamental rights?
Journalists in Zimbabwe face
to draw conclusions and possibly those rights that are commonly must not interfere with anyone Additionally, resolutions of This question has been addressed.
numerous violations that include
take an informed position on the referred to as socio-economic rights. exercising this right, and it can the Convention on the Safety of Clarity on these will also help
arrest, detention and criminal
obtaining question. An example will be S77, which deals only be limited by a law of general Journalists casts a huge responsibility reduce violations of these rights by
prosecution, intimidation by law
First-generation rights are with the right to food and water. application. on all States to ensure their policies, authorities.
enforcement agents and politicians,
traditionally liberal rights known as They are also referred to as positive Unlike second-generation (socio- laws and practices are in full The second suggestion is that
physical harassment and attacks as
civil and political rights. For example, rights, meaning that the state has a economic) rights which can be synchrony with their commitments there is a need for political will to
well as emotional abuse.
first generation rights include, the positive duty and must take all the enjoyed through a privilege, media and obligations under international ensure that journalists are protected
All these are an affront to
right to life, equality before the law, necessary steps to ensure the full freedom is a fundamental right law as stated in article 5 of the and not violated as they execute their
constitutional provisions of press
freedom of speech and freedom of enjoyment of these rights. Such safeguarded by the constitution of convention. duties. In other words, we call on
freedom and freedom of expression.
religion among others. type of rights obligates the state to Zimbabwe. When States are in full compliance all political parties in the country to
Two journalists, Wisdom
They are also called negative take reasonable legislative measures The biggest challenge that has with these commitments, they will transform their political rhetoric on
Mdzungairi and Desmond
rights, which means that they impose within the limits of resources for the led to the continuous violation and not limit or gag journalists and other non-tolerance to violence in general
Chingarande became the first
a duty on all organs of the state to progressive realisation of that right. limitation of these first generation media practitioners from executing and in particular on journalists into
victims of the 2021 Cyber and Data
act in a certain manner as shown in A calibrated constitutional rights leading to a toxic journalistic their duties independently and action.
Protection Act [Chapter 12:07], a
Section 44 of the Constitution that interpretation of such rights means and media space in the country is objectively within the parameters Our third suggestion that will
statutory provision that was enacted
adequately deals with this. that the state enjoys latitude to have that natural persons, juristic persons of the law and devoid of undue ensure freedom of expression is
during the Covid-19 pandemic era
The imposition of a negative discretion on the fulfilment and and other organs of the State view influence. respected and taken for what it is-a
whose object is to increase cyber-
obligation on the state means realisation of such a right. In other media freedom as a privilege, yet it is Furthermore, to assert the fundamental right, perpetrators
security to build confidence in the use
that the state must not interfere words, this could be interpreted clearly a constitutionally entrenched position and clear the confusion on should be arrested regardless of who
of information and communication
with someone who is exercising a to say, as long as the state does not fundamental right. whether press freedom is a privilege they are in society or which political
technologies by data controllers.
constitutionally protected right, have resources, the right cannot be Around the world, the media is or a fundamental right, article 19 of party they belong to. After all, the
The arrest of the two journalists
which falls within the first generation enjoyed. always referred to as fourth power the Universal Declaration of Human constitution is the supreme law of
using the Cyber and Data Protection
rights. If one closely looks at these two or fourth estate, a phrase, definition Rights adequately addresses this. It the country and must be immune
Act was an unfortunate development
The state can only interfere or types of rights, there is a fundamental or characterisation that clearly declares that every person has the from violation.
which goes against the purport,
limit such a right through the law difference in their application, locates its centrality and underlying right to freedom of opinion and to Our fourth suggestion is that there
tenor and spirit of the Zimbabwean
of general application, which means enforcement and interpretation. epistemological role in strengthening seek, receive and impart information should be enactment of laws that do
Constitution.
that limitation of such a right must Since we have identified that democratic tenets and practice. through a media of choice. not curtail freedom of expression and
In September 2021, nine
But, in most jurisdictions, deliberately promote the enjoyment
journalists — Thomas Madhuku,
especially in countries in the global of that fundamental right.
Nyadzashe Ndoro, Leo Munhende,
south, Zimbabwe included, the The last suggestion is that those
Marshall Bwanya, Gaddafi Wells,
situation is a different story altogether. that violate the constitution by
Adrian Maratu, Tongai Mwenje,
As lamented by the United Nations meting violence and harassment on
Tongai Muringai and Robert
Secretary General Ban Ki-moon, journalists should be prosecuted and
Tapfumaneyi — were arrested while
most governments and those that if found guilty, convicted.
covering demonstrations in Harare.
hold the levers of power have found As the country is heading to the
Such a sad and unfortunate
ways to circumvent this obligation general elections in some few months
development was not only
and limit the fundamental right. to come, the manner in which the
unconstitutional but out of sync
Besides violence, physical media and media practitioners
with global trends on media freedom
harassment and attacks on are going to be treated by the
and even the political rhetoric from
journalists, authorities have come up government, law enforcement agents
bureaucrats, securocrats, politicians
with various ways such as exorbitant and political parties will be used as
and political parties alike.
multiple taxation and licence fee a yardstick to measure the kind of
The fundamental legal question
obligations for media houses, violations on the fundamental right
that we need to unpack is;
cumbersome and windy licensing of freedom of expression.
Is journalism a privilege or a
process for media players, barring
fundamental constitutional right?
journalists perceived to be critical of Zororai Nkomo is a Zimbabwean
Just like any other job, when
government from covering events, journalist, Lawyer and social
journalists go about executing their
the use of accreditation as a tool justice advocate, he writes in his
constitutional mandate, their dignity
to target journalists, censorship of own personal capacity. He can be
and their person must be protected.
the cyberspace and also the closure contacted on zoronkomo@gmail.com
They are workers whose decorum
of internet as a way of controlling Perfect Mswathi Hlongwane is the
should be protected and promoted in
access and the flow of information. Secretary General of the Zimbabwe
a democratic society based on human
What then must be done to Union of Journalists, a Journalist,
dignity, equality and freedom.
ensure fundamental rights on media Political Scientist and Public Policy
What is important to understand
freedom and freedom of expression analyst. He can be contacted on
when dealing with fundamental
as enshrined in sections 61 and 62 mswathi.ph9@gmail.com
rights such as right to media
2 - 8 February 2023 Business Times 13

BT Insight

How to get an entry level job

connecting with fellow alumni and
COLUMN finding out how they managed to get
jobs.
MUTSAWASHE University Career Service
MUSVAIRE Whilst University is all academics
and fun, it is important to determine

E
Introduction
ntry-level jobs are jobs
which are designated
for fresh graduates with
minimal professional
experience.
With the number of university
graduates increasing steadily across
the world the demand of entry-level
jobs has also significantly increased.
Data collected by UNESCO
suggests that there has been a 170%
increase in college enrolment across
the African continent between 1999
and 2000.
With the growth of digitalisation
and more so the impact of Covid-19,
traditional ways of accessing entry-
level jobs are fast becoming obsolete.
These include newspaper columns
or physical walk-ins in companies.
Whilst it is still possible to find
entry-level jobs using traditional
methods, advanced platforms that
are more effective have been created
to ensure an easy experience in
accessing jobs.
These platforms include but are
not limited to LinkedIn, Glassdoor,
The Human Capital Hub, company
websites and university career portals
to mention a few.
The purpose of this article is to
share tips on how to effectively
and efficiently access entry-level
jobs particularly for students in
universities as well as those who have
graduated.
Like any other job, it would be in
an individual’s best interests to start
actively looking for opportunities
whilst they are still in college.
Universities offer students a plethora
of information about career paths,
employer information, entry-level
job opportunities and so much more.
Whilst the main outcome of going
to college is to get a degree, it is also
important to understand that for
the great majority of students, that
degree is meant to open doors for
employment opportunities, with the
exception of those who would like to
take a more entrepreneurial route.
It is therefore important that
university students actively position
themselves in spaces that will enable
them to get entry-level jobs soon
after they complete their degree or
even before they finish.
Seek Career Guidance
Research conducted in universities
in the United Kingdom suggested
that 51 percent of students are not
confident in their career path when
they enroll in college.
The best way to create a strong CV is by doing thorough research on the internet on how to create a strong CV and by getting others to take a look at it for you as well.
This clearly shows that there is
a need for universities to create
platforms that offer guidance to
students. Universities in Africa such
as the University of Cape Town and
the University of Witswaterand have
created competitive career guidance
platforms that allow students to have
access to career guidance consultants,
CV building, interview guidance
as well as access to employers, job
openings and networking events.
Getting career guidance early,
allows you to develop yourself and
build your profile in a way that
will make you stand out from other
applicants, when you begin searching
for entry level jobs.
Seeking for career guidance may
also give you incite about your
chosen career or your employer
of choice that will put you at an
advantage.
Build on skills that are relevant to
your chosen career path
Build on skills that are relevant
to your chosen career path. When
employers are considering people for
entry- level positions, they mainly
look at the candidates skills, and
if these skills are relevant to the
activities of the organisation.
There are several ways one can
actively build on these skills. Some
ways of building these skills include
being involved in voluntary work,
student leadership roles, community
engagement , internships as well as
piece jobs. These activities go a long
way in strengthening your CVs as
well setting you apart.
Employers are interested in the
skills that are gained from these
experiences as they are a reflection of
whether a candidate will be able to
manage the job at hand.
Connect with employers
Before sending CVs to prospective
employers or applying for jobs, it is
always a good idea to connect with
them and ask as many questions as
possible regarding their requirements
for graduate positions ,the culture of
the organisation etc.
By networking with employers
you put yourself in a position where
they will recall you in the event that
you apply for a position. The holy
grail for professional networking
is LinkedIn and later on in the
article we will discuss the power of
LinkedIn.
Formulating a strong CV
Once a person has done all the
necessary research on prospective
employers, networked with potential
employers as well as built the
necessary skills that are necessary for
the entry- level job, the next step is
to formulate a compelling CV that
harnesses all the steps mentioned
above.
The best way to create a strong
CV is by doing thorough research
on the internet on how to create a
strong CV and by getting others to
take a look at it for you as well.
Alternatively one can also get
professional help in writing a strong
CV. Once a strong CV is created you
can then apply for entry-level jobs
and if the stages mentioned above are
followed then getting the job should
be easy.
There are several platforms
that advertise opportunities for
entry-level jobs and these include
LinkedIn, Glassdoor, News Paper
Columns, The human Capital Hub,
University Career Portals, Company
websites and so much more. Below is
a description of these platforms.
LinkedIn
Gone are the days where you
needed a relative or family friend
to connect you in order to have
access to career development or jobs.
LinkedIn has made is possible for
every individual, to have access to a
network of rich and well-established
professionals.
In just a click of a button you can
have access to CEOs, HR partners
and hiring personal. More than ever
generation Z has access to a plethora
of information and connections that
they can leverage to get access to
entry-level jobs.
Whilst LinkedIn does offer
access to a lot of job openings in
the Zimbabwean context, there
are limited job openings that are
advertised.
One would rather use LinkedIn
to connect with potential employers,
that is, employers of companies that
you are interested in.
But before you go ahead and
connect with potential employers
it is pivotal that you ensure that
your LinkedIn profile is updated
and highlights your career goals
and ambitions and portrays a good
picture of you.
That way an employer quickly
warms up to you before they even
begin to engage with you. Once a
connection has been created you can
communicate with an employer, and
always remember to be professional
and articulate.
LinkedIn also offers the ability
to find out where people you learnt
with who did the same degree with
you work and what they do.
This allows you to have an
understanding of the companies that
others with a similar background
with you are working for.
It would be worth your while
what it is you want to get out of
university.
If your outcome is to be employed
after completing your degree then it
is important that you utilise all the
resources. University is a great place
to network with employers.
Employers often visit university
campuses to promote their companies
and get potential employees. Utilising
these networking opportunities is
important.
It is also worth knowing that
universities have platforms that
advertise job openings so people can
also leverage on this.
The Human Capital Hub
This is particularly relevant to
people in Zimbabwe. The human
capital hub posts job openings on a
daily basis and you are guaranteed
to find posts of entry level jobs
advertised. It is worth your while
to pop up on the site and check out
some amazing opportunities.
News-Paper Columns
Although this is fast becoming
unpopular as most people prefer to
use digital platforms to get read their
newspapers, News-papers continue
to advertise job openings including
entry-level jobs. In Zimbabwe the
Sunday Mail as well as the Financial
Gazette are papers to look out for
when searching for entry- level jobs
Glassdoor
Glassdoor is another platform
that is accessible to people all over
the world, where job openings of big
multinational companies are posted.
The biggest advantage of Glassdoor
is that it allows job searchers to see
reviews of different companies by
current and past employees. It also
allows for potential employees to see
prospective salaries and determine
if the company is really what they
want.
Company Websites
A lot of company websites such
as those for the big 4 companies,
Deloitte, EY, PWC and KPMG
advertise opportunities on their
company websites. They post rich
information about how to access
opportunities in their companies.
If you are looking for an entry level
position this is your best stop

the required investment in paper-

COLUMN How effective is your organisation’s

based assessments or software, as
well as the time required from staff
PAUL NYAUSARU & to participate and for management
to evaluate the results.
CHIEDZA KADARE

skills gap analysis exercise?

A skills gap analysis is an exercise
undertaken to identify the skills
that an employee needs, but may be
lacking in carrying out his or her job
or to perform certain tasks effectively.
The first step in performing an
analysis is to identify all the skills
required by an individual to carry
out his or her work.
This will make it possible to
identify the critical and noncritical
skills that are needed to carry out the
particular role effectively.
A critical skill is one that
is required to complete a task
successfully. Noncritical skills enable
a task to be completed more quickly
or efficiently, or at less cost than
would otherwise be the case.
There is a relatively simple method
for determining whether a skill is
critical or noncritical.
Quite simply, if an employee
lacks a skill but completes a task
satisfactorily, the skill is noncritical.
On the other hand, if a person
completes a task but the outcome
is unsatisfactory, the missing skill is
critical.
By applying skills gap analysis
across the organisation, it is
possible to find out which skill and
knowledge shortfalls there are in an
organisation. It is then possible to
target training resources on those
necessary skills that require the most
attention.
This should result in the optimal
use of resources in terms of
improving the overall performance
of the company.
For individuals, skills gap analysis
can be used to produce personal
development and training plans and
support appraisals.
It can also be used to bolster
morale by showing how they have
progressed over time.
For a department, skills gap
analysis can be used to identify
which staff members have the most
knowledge of particular aspects of
the organisation as well as those with
skill gaps.
Furthermore, it can assist in the
recruitment process by identifying
the candidate whose skills best match
those needed to function effectively
lIt may be simpler and more
cost-effective to ask line managers
to identify skill gaps in their
department, or simply to ask staff
in which areas they need additional
in a particular role.
training.
For example, in an application
lThe assessment can be subjective
of skills gap analysis to the role
and open to distortion if staff do not
of a firefighter, the essential skills
answer questions correctly.
considered would be: critical
So whenever you embark on a
thinking, oral communication, and
skills gap analysis exercise, there
the ability to work with others.
is a need to consider the potential
The following are some of the
impact of a skills gap analysis on
advantages of undertaking a skills
staff morale.
gap analysis:
Assessing an employee’s
lA skills gap analysis can provide
capabilities can create fear and
a critical overview of an organisation,
suspicion unless the reason for
allowing management to determine
the analysis is understood and
if staff have the necessary skills to
communicated effectively.
meet organisational objectives or
achieve a change in strategy.
Chiedza Kadare is an OD
lIt provides an analysis of skill
Practitioner. You can get in touch
gaps in an organisation, department,
with her on WhatsApp/call +263 77
or role.
283 0986 or Email chiedza.kadare@
lAnalysis helps organisations to
gmail.com
prioritise their training resources.
Paul Nyausaru is an OD
lAnalysis can help with
Practitioner and leadership coach.
recruitment and training, and it gives
For all your OD interventions and
management a basis for deciding
leadership development training
which staff should be retained and
you can get in touch with him on
which are expendable.
WhatsApp/call +263774062756 or
While skills gap analysis has its
Email pnyausaru@gmail.com
own advantages, there are some
disadvantages to it which are:
lConducting a skills gap
analysis can be costly in terms of
12
BT
‘Plug leakages to achieve
US$12bn mining economy’
Q&A
The
M
ining is a crucial
part of Zimbabwe’s
economy making
up over 60% of
annual foreign
currency receipts and 13% of gross
domestic product.
Last year, the government unveiled
a policy document outlining how the
country plans on turning the mining
sector into a US$12bn economy by
2023.
Our Senior Reporter Anesu
Masamvu (AM) engaged the
Chairperson of the Parliamentary
Portfolio Committee on Mines
and Mining Development who is
also Shurugwi South Member of
Parliament Edmond Mkaratigwa
(EM) on these and other issues. Find
excerpts below
AM: Zimbabwe has set a target to
have a US$12bn mining economy
by the end of year, 2023. We are
in 2023 and as Parliament, is the
country on course to achieve this
which has been described by critics
as ambitious?
EM: The foundation has been laid
through the National Development
Strategy 1 (NDS1) as pronounced
by His Excellency the President
(Emmerson Mnangagwa) and I
must say it was hinged on opening
of new mines, opening Zimbabwe
for business and promotion of ease
of doing business. We encouraged
investors to come into the mining
sector and the strategy was also
premised on reopening of closed
mines and in the past four or so
years, there have been a lot of
development, a lot of investment and
I’m glad to say the 2021 results have
actually confirmed this because the
revenue that has been generated in
this sector has gone beyond US$7bn
which is a positive indicator that the
US$12bn can actually be achieved or
surpassed.
If I can break it down to the
minerals that are responsible for
the attainment of that target, the
gold sector for example we have this
year been able to do more than 30
tonnes of gold which is a significant
achievement towards the attainment
of the US$4bn earmarked to be a
contribution from the gold sector.
The diamond sector we expect at
least a billion and I have no doubt
results on the ground are confirming
the possibility of that. We have a
lot of other minerals and some new
minerals which probably in terms of
our budget focus we didn’t expect
much but they’re going to come on
board and they’re going to assist us
in attaining the US$12bn target.
We have our platinum, chrome and
other resources they are going to
contribute.
So yes, I’m happy we’re on course
in terms of our trajectory to attain
the US$12bn targets by the end of
2023.
AM: We have seen the coming
in of lithium which has attracted
investors. How is it going to
contribute to the set target?
EM: I’m glad Zimbabwe is one
of the largest owners of the lithium
mineral resource. The advent of the
electric vehicles and autonomous
vehicles which places a huge demand
on batteries that are made from
lithium. This demand will actually
see us being able to benefit immensely
from our lithium. However, I
think you have seen developments
in December which are in a way
meant to actually install order in the
lithium sector and ensure that we lay
the foundation for takeoff, we avoid
challenges or mistakes that have not
benefited the country from export of
raw minerals and as you know the
central bank is also involved in trying
to ensure that we use our minerals
to leverage and hedge an initiative
that is supported by the new policy
whereby we’re saying no export of
raw lithium and that will open up
flood gates for investors to come and
support industrialisation in-order
to process the lithium locally and
create that value addition that will
add on to our fiscus. What it also
means is that we’re going to enjoy
as a country the manufacturing of
batteries and associated linkages that
will empower our own community.
However, locals also want to
participate in the actual extraction of
lithium and if we’re going to create
industries, it means the market is
coming to the doorstep of those
artisanal or small-scale miners. That
will reduce the logistics and transport
cost and ensure that they have got
access to those items from local
markets whilst at the same time they
stand to benefit from the products
that are going to be derived from the
value addition of the lithium.
AM: Speaking of investors we
know that over six Chinese gold
companies have made multi- million
dollar investments in Zimbabwe
lithium mines taking about 37% of
the US$12n target. How important
is China in terms of partnering with
Zimbabwe in the mineral sector
and what do they bring towards
attaining the set targets?
EM: When we look at the history
of China and Zimbabwe, China
is our all-weather friend, not fair
weather but all-weather friends.
When you look at mining as a sector,
it’s capital intensive. It requires the
right skills.
It requires tooling with the
appropriate technologies that will
enable mass extraction in order to
reach our US$$12bn target. It must
be backed by the productivity and
when you look at the geo-politics
of this world, I must say in a way
it is evidence that it retards a lot
of developments for our country
unfortunately due to some perhaps
legacy issues and developments but
I must say that then demonstrates
that China is already with us and
it is going to support us in terms
of retooling our mining sector and
ensuring that production is going to
increase. I know of course there can
be perceptions that China is going
to disadvantage us by the feeling
that maybe we’re mortgaging our
minerals but I want us to look at it
with an open mind.
Zimbabwe has got the mineral
resources and has opened the
business space. There are no
limitations in terms of investors
that must come to Zimbabwe and
exploit the minerals and China
has been forthcoming without
any interference or restrictions
regardless of the fact that they
may be restrictive measures
that have been imposed on
the country.
We see Chinese
investors coming to
bridge that gap and
when they come
Business Times
in, it’s not like they come and pick
the minerals. They invest money,
they are coming in with equipment
and skills that are needed for one to
actually justify a business case. And
a business case by the way is about
profits but the policies that you were
talking about will ensure that as a
business, never mind that they are
Chinese or any other nationality.
As they go about making their
profit they’re properly taxed and
there is revenue that is going to trickle
into our national fiscus thereby
growing our GDP and becoming an
enabler for us to actually articulate
and stabilise our microeconomic
fundamentals.
AM: Honourable, you speak
about these targets to the US$12bn
mining economy but some would
say you’re operating on auto-pilot
without proper laws considering
suggestions that the previous
mining act is archaic and there is
nothing that is on the table as of
now. Where are you as a committee
in terms of finalizing the Mines and
Minerals Amendment Bill?
EM: First of all, I want to say I
agree with you we’re are operating
with an old and archaic Mines and
Mineral Act which was established
way back in 1961 but when you
interface with stakeholders you will
find various opinions. For example,
the Pegasus Association who are
critical in this country in terms of
exploration and in terms of pegging
those mining blocks, their argument
is that we don’t need to change that
Act.
It is very effective as it is. What
we need to look at and address is the
implementation of the Act. However
perhaps representing a certain cluster
of stakeholders they may be personal
or call it selfish in nature but you
should listen.
There are some reasons from what
they’re saying. But if we’re to look at
the Mines and Mineral Amendment
Bill, the first time it went through
Parliament, our President could
not assent it citing issues to do with
the inclusion or involvement of
the vulnerable groups like women
and the youths, citing issues to do
with conflicts between farmers and
miners in terms of land use and these
are issues that needs to be addressed
through the policy.
When we go back to the 1960s
obviously there were very few
investors or people involved in
mining and most of our locals were
mainly interested in other activities
and prominence was probably given
to the agricultural sector but in terms
of those that enacted the law they
made sure the mining Act would
be biased towards empowering the
miners. The miner has got better
rights.
I must now move on to your
question, I just wanted to address
the background.
The Mines and Minerals
Amendment Bill has received
the best attention so far in terms
of the crafting, the drafting and
consultations but we’re at the pre-
bill stage.
We had workshops that took us
to Kariba, to Mutare and we made
resolutions. We
worked with the
Ministry of
Mines, the
Attorney
General’s
office
a n d
other
stakeholders like Civil Society
Organization and I’m glad to say as
we speak that has been finalized the
Attorney General’s office submitted
a complete draft of the Mines
and Mineral Amendment Bill to
Parliament and the Parliament then
took it to the government printers
for proofs and I’m happy proofs are
almost complete. This is the stage
where we are and I must call it the
last mile in terms of the pre-bill
stage.
What remains now is for the
minister to bring the bill to the
parliament and once it’s submitted
to parliament then it should come to
the committee and we hold public
consultations, and by the way I
mentioned resolutions that we made
and some of the resolutions had
everything to do with stakeholders
conference and I’m still of the view
that we should have that conference
as part of the public consultations
and we may actually need to
split it into two the southern and
northern region so that we are all
encompassing we don’t need any
area behind.
After that we must go to the
mining centres we must go to
the communities within the
jurisdictions of the different mining
houses different minerals that
are being extracted within their
vicinity and be able to consult
them publicly and after that as a
portfolio committee then come up
with recommendations that we will
present to the Executive to then
finalise and table the Bill before His
Excellency and I’m happy to say
we’re rejuvenated it was proving to
be a pie in the sky but right now we
have a Bill to work on.
One area is we have tried to
advocate in this coming Mines and
Mineral Bill inclusion of principles
to do with Community Social
Responsibilities (CSR) because CSR
is not as mandated by any law it’s not
compulsory but we’re hoping will
have some kind of soft law that will
then assist us in our oversight role to
actually try and hold the Executive
to account in as far as ensuring that
the mining cooperates really plough
back to the communities in a very
definitive and significant way.
AM: There is a special
group of artisanal
miners. What is
their role in
achieving
t h i s
Question and Answer
US$12 billion target? Do the
policies that are in place currently
cushion them to make this reality?
EM: The artisanal and small
scale miners are a group that
plays a significant role in terms of
contributing to the attainment of
the minerals target in terms of where
they’re involved.
For instance, in the gold sector for
a long time we have been having a
contribution of artisanal and small
scale miners exceeding 60%. When
we talk of gold production in this
country, the bulk of it is not coming
from large or medium scale miners,
it’s coming from artisanal or small
scale miners.
So as a government I can only
endeavour to lobby and ensure
that we recognise their efforts by
incentivising this sector. How? We
need loans funding that are tailor
made to ensure that we capacitate
them.
It is time we mechanize this sector.
It’s time we give them access to the
financial resources that are needed
and by the way when they mine nine
times out of 10 they do it without
proper exploration carried out. This
is an area I urge all stakeholders
with the government taking the
lead to ensure that exploration
is competently, expeditiously
prioritized and perhaps funded by
the government for the small-scale
miners. Nine out 10 times, they
waste a lot of energy or resources
trying to mine when they’re missing
the actual location.
Imagine having contributed more
than 60 %. lf there were channelling
it to a known resource area all of
them, we could triple the output of
artisanal and small scale miners so
they need to be capacitated and they
need to be equipped.
AM: Who equips small scale
miners who is responsible for that?
EM: The government must come
up with incentives. What it means
is the national fiscus should create
a stimulus package to retool and
equip this sector. All I’m saying is
they must have access to funding
for the purpose of tooling and it’s
easy if we back it with exploration.
Even our known local banks could
actually partner the government in
coming up with funding to
capacitate artisanal
mining.
I wanted
to speak
about
t h e
2 - 8 February 2023
vulnerability of this sector again.
Like anyone else chasing money
or pursuing profits, they tend to
cut corners a lot. So we also need
to invest in training and safety and
perhaps the reaction equipment
in terms of accidents and we must
be able to ensure we register them,
organise them and we give them
training in order to ensure that they
adhere to minimum safety standards
and preserve life.
AM: As we conclude, we’re
in our final lap as we chase this
target. As the chair of the Mines
committee, what would you want to
see becoming a reality as we move
towards 2023 and the end of the
year so that we can say by December
that we have finally met this target?
EM: First thing first. I want to
see the enactment of the Mines
and Minerals Bill. In other words, I
want to see it become law. That’s my
number one priority because it’s an
anchor to all other mining laws and
it means we can then also speak to
other mining laws governing other
minerals like your diamonds and so
on.
Priority number two now speaks
to the implementation of that law
and strengthening of other laws to
seriously create enablers that will
see those in the mining sector going
about their business with minimum
distraction.
Small scale, medium and large
scale miners must be incentivized and
motivated to push for production.
That can only be achieved through
dialogue with them. We have had a
lot of dialogues with them and one
major area of concern is the issue of
retention.
As a government we survive
on taxes but as a give or take to
stimulate this sector we also need to
ensure that they return a comfortable
percentage of the exports.
AM: So are you confident enough
if you’re back in parliament that you
will be proud to say i was part of the
team that helped to meet the target?
EM: I’m very much confident
and I still want to continue to be in
Parliament so that I see through all
what has been laid down.
So yes I’m going to work very hard
in terms of adding my voice to the
enablers of the attainment of that
target and I will continue to be an
advocate of the general populace.
In terms of how they partner the
government to ensure that. When
you partner government, you’re also
partnering the communities and
accountability and transparency
are the packages that goes around
with everything and like what His
Excellency is always saying we
should shun corruption for all this
to happen.
This is why l was saying the law
enforcement agents should also assist
in making sure we plug any leakages
that may actually impede us from
getting to where we want to be.
2 - 8 February 2023 Business Times 15

Property
PROPERTY | INTERIORS |
ARCHITECTURE | GARDENING

Beauty, splendour
at Pomona City
Michael Chideme that wins international

O
and local accolades in
ne can property development.
literally He admits to have
feel and fallen and risen in
live the business but points
dream out to perseverance
as West Property CEO and hardwork as the
Mr Kenneth Sharpe hallmarks of his present
explains the vision for growth and says in
Pomona City, a city Madiba’s (Nelson
within a city being built Mandela) words “don’t
north of Harare. judge me by how many
The passion is times I have fallen but
infectious. The drive is rather by how many
undeniable. times I got up again”.
The man with the Ken has a number of
vision of a city within a development projects
city was born some 50 in Harare some already
years ago on 27 January Pomona City was
complete and some birthed,” he says with
in Harare. under construction and
His childhood was a beaming smile that
others to be unveiled. speaks volumes of the
very nomadic as he He is the author
moved places with his confidence of the dream
of the Millennium city.
father who worked on Park that comprises
mines. Probably that The Pomona City
Pokugara Town master plan that details
type of life hardened Houses, Millennium
the young Ken who at all the features of the
Heights and the soon development will be
an early age made two to be launched Mall of
decisive decisions. To unveiled later this year.
Zimbabwe. Construction of the
abandon school and He has successfully
start a business so he gated self-contained
built the Gunhill Rise estate has begun and so
could fend for the love Residential Estate and
of his life – the now has the excitement.
Homelands 263 Town Mr Sharpe says
Mrs Joanna Sharpe. Houses in Mt Pleasant.
“The purpose of love Pomona will showcase
One of his signature architectural features
drove me into business projects is the Pomona
to provide for her,” so that decorate other
City dubbed the city world capitals but
goes the beginning of within a city because of
the big story. largely borrowing
its integration aspects from Dubai hence the
So many would that bring together
wonder how a high “Bringing Dubai to
the live, work, play Zimbabwe” rallying call
school dropout would and shop under the
start a business and for all West Property
smart cities concept – developments.
become a global a first for Harare and
phenomenon becoming “My idea was to
Zimbabwe. bring a mixed use
the first Zimbabwean to “The idea came from
be recognized as Forbes concept and partly
the aspect that we are because of the pressure
Africa Innovative CEO running out of land in
for 2021. on land and also for
Harare. Densification convenience so that
Mr Sharpe is always is no longer a luxury
keen to share nuggets people do not have to
but a necessity. As the travel long distances but
from his life experiences city densifies we need
which have since been can live, work, play and
to beautify it in terms shop within same city.
crystalized into his of modern architecture
biography, a book to be “We have decided
and buildings coming to integrate the
published next month. out of the ground and
“I started business at whole lifestyle of the
reaching into the sky,” community. We have
the age of 14. I would he says.
grow and sell vegetables engaged architects
Having visited world and designers from
in Shamva. My drive has cities, admired and
always been ambition across the globe. We
experienced the beauty, are bringing the best
and perseverance,” he splendor and integrated
says. practices from across the
lifestyle communities, world to Zimbabwe,”
Away from the Mr Sharpe pulled some
vegetables and other he says
of the world’s best
retail businesses that architects to design
Ken ventured into in Pomona City – a city
his early formative years within a city.
– he has now grown “That is how
into a household name
16 2 - 8 February 2023
BUSINESS TIMES

InsidePolitics At least two Ugandan football fans are facing murder

A court in the US state of Utah has awarded the family
of a Ugandan activist killed in an accident in 2020
at Arches National Park more than $10m (£8m) in
damages, US media report. —BBC
charges after a man was killed in the capital, Kampala
in a row over the result of a match in England. A youth
councillor died from stab wounds after intervening in a
fight after Arsenal lost to Manchester City on Friday..
— BBC

Pope hears harrowing tales of

Congo violence and says: ‘Enough!’
KINSHASA, Feb 1 (Reuters)
- Pope Francis heard harrowing
accounts from victims of conflict
in Democratic Republic of Congo
on Wednesday, including rape,
amputation, forced cannibalism and
sexual slavery, and he condemned
the atrocities as war crimes.
In a poignant encounter at the
Vatican’s embassy in the capital
Kinshasa, victim after victim told
their story to the pontiff before
laying down objects symbolising
their suffering, such as a machete
or a dagger, before a large wooden
crucifix.
They included Ladislas Kambale
Kombi, 16, from a village in North
Kivu province in the east, who saw his
father beheaded and dismembered
and his mother kidnapped by militia
men, leaving him and two younger
sisters alone.
“Holy Father, it’s horrible to
witness such a scene. It never leaves
me. At night, I can’t sleep. It’s hard to
understand such cruelty, such quasi-
animal brutality,” he told the pope,
before laying down a machete at the
crucifix.
After speaking and putting down
their objects, Kombi and the other
victims then knelt in front of the
pope, who put his hand on their
heads and held their hands, each in
turn, and blessed them quietly.
Emelda M’karhungulu was among
several women who recounted their
experiences of sexual violence. She
said that in 2005, then aged 16,
she was kidnapped by rebels who
attacked her village in South Kivu
province, and took her to a forest
camp where she was raped every day
for three months by up to 10 men.
“We want a different future. We
want to leave behind us this dark
past and be in a position to build a
beautiful future. We demand justice
and peace,” she told the pope, laying
down paramilitary clothing like that
worn by her kidnappers.
Eastern Congo has been plagued
for decades by conflict driven in
part by the struggle for control of
vast mineral deposits between the
government, rebels and foreign
invaders, and in part by the fallout
from the 1994 genocide in Rwanda.
Bijoux Makumbi Kamala, 17,
recounted her abduction from her
village in North Kivu in 2020 and
her 19 months of detention in a rebel
camp, during which she was raped
every day by a commander until she
escaped, pregnant with twins.
She told how her captors mixed
human flesh from the victims they
killed or maimed and forced captives
to eat it.
Carrying her daughters, one
on her front and one on her back,
she laid down a small floor mat,
a symbol of her past subjugation,
Pope Francis’ papal visit to Congo
before the crucifix. The pope held
her hands and those of her daughters
as he blessed them.
Two other young women held up
what was left of their upper limbs.
One was missing her hands and the
left arm of the other was cut off at
the elbow.
Francis, who was on the first full
day of his visit to Congo and had
earlier celebrated Mass in front of a
million people, responded to these
stories with an emotional speech
calling for an end to violence and
resignation.
“Your tears are my tears. Your
pain is my pain. To every family that
grieves or is displaced by the burning
of villages and other war crimes, to
the survivors of sexual violence and
to every injured child and adult, I
say: I am with you,” he said.
‘MONEY STAINED WITH
BLOOD’
Appealing to all parties, internal
and external, who orchestrate war
in Congo in order to plunder the
country, he said: “Enough! Stop
“Yet it is, above all, a war
unleashed by an insatiable greed for
raw materials and money that fuels
a weaponized economy and requires
instability and corruption,” he said.
“What a scandal and what
hypocrisy, as people are being raped
and killed, while the commerce
that causes this violence and death
continues to flourish!” he said.
During his Mass at an airport in
Kinshasa earlier, the pope urged the
Congolese people to grant each other
a “great amnesty of the heart” and
called on any Christians engaged in
battle to lay down their arms.
The people of Kinshasa have given
the pope one of the most vibrant
welcomes of his foreign trips. On his
arrival on Tuesday, tens of thousands
lined his motorcade route, and at
his Mass on Wednesday hundreds of
thousands sang and danced.
getting rich at the cost of the poor,
A papal stop in the eastern city of
stop getting rich from resources and
Goma, foreseen when the trip was
money stained with blood!”
originally scheduled for last July, was
Armed conflict has killed millions
later scrapped because of a flare-up
of people over the past decades,
in violence in the region last year
left 5.7 million people internally
between the M23 rebel group and
displaced and 26 million facing
government troops.
severe hunger in the coming months,
Thursday will be the pope’s last
according to the United Nations.
full day in Congo, before he departs
The pope spoke of “polarising
on Friday for neighbouring South
struggles in which ethnic, territorial
Sudan, another country grappling
and group dynamics intertwine”,
with conflict and hunger.—Reuters
acknowledging that conflicts over
land and weak institutions played a
part.

UK documents: Bush Nigeria presidential

ordered CIA to find candidate Atiku denies new
replacement for Arafat allegation of corruption-BBC
Documents say US President George W Bush
considered the Palestinian leader ‘useless’ but US spy -
LAGOS, Jan 31 (Reuters)
Nigerian opposition
that we should make it (assets)
public. But if the law says we
agency found no suitable successor. presidential candidate Atiku should make it public, I will
Abubakar said he is willing to make it public. I don’t mind
Former United States disclose his assets if compelled it,” he said.
President George W Bush by law and denied a new A ruling party official last
ordered the CIA to search for corruption allegation against week filed a motion with the
a replacement for Palestinian him ahead of the Feb. 25 High Court in Abuja asking
leader Yasser Arafat (pictured) election, the BBC reported on it to order the Economic and
after the escalation of the Tuesday. Financial Crimes Commission
second Intifada in 2001, the Atiku, who was vice and other agencies to arrest
BBC said, quoting recently president from 1999 to and prosecute Atiku over a
released British documents. 2007, is the main opposition leaked audio.
The US effort came after People’s Democratic Party’s On the audio, which Reuters
the failure of the Camp David candidate and among the top has not verified, someone who Former Nigeria Vice President Atiku Abubakar adresses the People’s
negotiations in 2000 between three contenders to take over sounds like Atiku describes Democratic Party delegates during the Special convention in Abuja,
Arafat and then-Israeli Prime from President Muhammadu a plan to divert funds from Nigeria May 28, 2022. REUTERS/Afolabi Sotunde/File Photo
Minister Ehud Barak. The Buhari, whose final term ends government projects and cover
in May. up that the person received the investigated in this country sentenced to 13 years in prison.
talks followed the escalation
The candidate, a 76-year-old money. more than anybody else and His sentence was subsequently
of violence in the occupied
for the start of security Bush endorsed what Blair businessman, has previously When asked to comment nothing was found against reduced.
territories of the West Bank
negotiations with Israel. It also had said, then described faced allegations of corruption, on the audio, Atiku told the me.” Separately, U.S. Senate
and Gaza Strip.
vetoed a draft resolution in Arafat as “weak and useless”. which he denies. BBC: “That voice has disclosed Atiku figured prominently investigators in 2010 alleged
According to the BBC
the United Nations Security He revealed that he had Atiku told the BBC he nothing new.” in the corruption trial of former that one of Atiku’s four wives
documents, Bush expected
Council, which proposed asked the CIA to search for would disclose his assets if When pressed if it was his U.S. Representative William helped him transfer more than
early on that Ariel Sharon, who
sending a UN observer force possible successors to the a law was enacted requiring voice in the audio he said, Jefferson, who was accused $40 million in “suspect funds”
succeeded Barak, would use
to protect Palestinian civilians Palestinian leader but said that it and that he would “take it “Nothing new.” of trying to bribe Atiku in an into the United States from
the Gaza Strip to sow divisions
from Israeli forces in the the agency “researched the in good faith” if he lost the “All what I know, all corrupt effort to expand a technology offshore shell companies. -
among the Palestinians.
occupied territories. Palestinian scene thoroughly election. practices or corrupt allegations business in Nigeria. Jefferson Reuters
The documents deal with
After the negotiations were and concluded that there is no “The law doesn’t provide against me have been was convicted in 2009 and
discussions that took place
between the United Kingdom aborted, telephone talks were successor available”.

Equatorial Guinea appoints its

and the US a few months after
Bush and his administration,
which was dominated by
neoconservatives, entered the
held between Bush and then-
British Prime Minister Tony
Blair in which they discussed
the Palestinian-Israeli conflict
at length.
The British documents
revealed that the US secretary
of state at the time, Colin
Powell, did not agree with
Bush’s search for a replacement

first female prime minister

White House.
When Bush was inaugurated According to the minutes of for Arafat.
in January 2001, the second the talks, the prime minister Arafat died a few years later,
Palestinian uprising was at said Arafat was a liability. on November 11, 2004, at a
its height. It had erupted in He said the Palestinian leader Paris hospital after a cerebral
“had reached the limits of what haemorrhage caused by a toxic MALABO, Feb 1 (Reuters) country. world’s longest-standing ruler. allegations of voter fraud.
late September 2000 when
he can do constructively and substance – polonium – that - Equatorial Guinea’s President Botey’s new position was The United States said The country of around
Sharon entered the courtyards
he is only working to maintain was found on his clothes and Teodoro Obiang Nguema on announced on state television at the time it had “serious 1.5 million people has had
of Al Aqsa Mosque, an act
his position”. He added that body. Tuesday appointed his vice- late on Tuesday. doubts about the credibility only two presidents since
widely seen by Palestinians as a
Arafat “no longer has anything Palestinians and Arabs minister of education, Manuela Obiang, 80, was re-elected of the announced results” independence from Spain in
provocation.
to offer”, indicating that the accused Israel of killing him. Roka Botey, as prime minister, for a sixth term in office in in the election and called 1968. Obiang ousted his uncle,
The Bush administration
leader had made all the possible It denied any responsibility for the first time a woman has held November with 95% of the on authorities to work with Francisco Macias Nguema, in a
called on Arafat to stop the
concessions he could. his death. - AL JAZEERA the role in the West African vote, cementing his place as the all stakeholders to address coup in August 1979.
uprising to lay the groundwork

Beyoncé
announces
Renaissance
world tour
B
eyoncé has announced
a 43-date world tour in
support of her critically-
acclaimed Renaissance
album, including five
nights in the UK.
The shows kick off in Stockholm,
Sweden on 10 May, before landing at
Cardiff’s Principality stadium a week
later.
Further UK dates will take place in
Edinburgh, Sunderland and London.
Last week, the star performed her
first headlining concert in four years
at the opening of a luxury hotel in
Dubai, but did not play any of her
new material.
She was reportedly paid $24m
(£19.4m) for the one-off show, but
faced criticism for performing in a
country where homosexuality and
gender reassignment are outlawed.
Critics said that contradicted the
message of her latest album, which
explicitly celebrates black and queer
dance culture.
Beyoncé conceived the album as
“a place to dream and to find escape”
during the pandemic, layering her
Michael Jackson’s nephew
Jafaar Jackson to play him in biopic
Michael Jackson’s sister La Toya Jackson pictured with his nephew Jafaar Jackson in 2019.
Life Arts
LaLiga has hit out at the Premier League for
“cheating” and “doping” after an analysis from
Deloitte’s Sports Business Group said clubs
spent a record £815 million ($1 billion) in the
January transfer window.
— ESPN
songs with multiple samples and
references to club music, from Nile
Rodgers’ Studio 54 disco grooves and
Grace Jones’ imperious soul, to less-
celebrated movements like bounce
and dancehall.
Exclaim magazine called it “the
sound of a once-in-a-generation
superstar performing at her peak”,
while the Guardian described it as
“a breath-taking, maximalist tour de
force”.
Unusually, Beyoncé has avoided
making music videos for the album,
meaning the Renaissance tour will
be fans’ first chance to see her visual
interpretation of tracks like Break My
Soul, Alien Superstar and Cuff It.
That, coupled with the fact that this
is her first solo tour since 2016, means
demand for tickets will be huge.
Lawmakers in the US, who are
already investigating Ticketmaster
over the fumbled sale of Taylor Swift’s
Eras tour, will be keeping an eagle eye
on how systems cope with Beyoncé’s
concerts.
The star has yet to announce when
tickets will go on sale, with a message
BOOKS MUSIC TRAVEL MOTORING
Hakim Ziyech will not join Paris Saint-
Germain on loan from Chelsea due to
late paperwork causing the deal not to be
registered by the French football governing
body (LFP), sources have told ESPN.
— ESPN
on her website simply reading: “Soon.”
She may reveal further details at
this weekend’s Grammys, where she is
up for nine awards, including album
of the year.
Beyoncé previously hinted at plans
for a world tour in October, when she
raffled tickets to a show during the
fifth annual Wearable Art Gala.
Images shared from the auction
suggested the “unique” prize, valued
at $20,000 (£16,200), included
first-class plane tickets, a three-
night hotel stay, two concert tickets,
and a guided backstage tour from
Beyoncé’s mother, Tina Knowles.
— BBC
The Renaissance World Tour kick off in Stockholm, Sweden on 10 May, before landing at Cardiff’s Principality stadium a
week later.
Michael Jackson’s 26-year-old
nephew has confirmed he will
portray the singer in a new big-
screen biopic.
Jaafar Jackson’s performance in
the film, titled simply Michael, will
mark his first major film role.
Announcing the news on social
media, the young actor said he was
“humbled and honoured” to have
been cast. Jaafar is the second-
youngest son of songwriter and
Jackson 5 member Jermaine Jackson,
Michael’s older brother. Michael will
become the latest in a string of big-
screen musical biopics, following the
release of movies which have charted
the careers of Whitney Houston,
Elvis Presley, Queen and Elton John.
‘Jaafar embodies my son’
The film is being made with the
cooperation of the Michael Jackson
estate. It is unclear whether or not
it will reference allegations of child
sexual abuse which were made
against Jackson during his life and
after his death.
Jackson always maintained his
innocence, and was found not guilty
of child molestation in 2005.
Michael Jackson’s mother,
Katherine Jackson, said: “Jaafar
embodies my son. It’s so wonderful
to see him carry on the Jackson legacy
2 - 8 February 2023
of entertainers and performers.”
Antoine Fuqua, who helmed
Training Day and Emancipation,
Will Smith’s recent film for Apple,
will direct the biopic.
Michael Jackson is one of the
most well-known singers in music
history, from shooting to fame with
his family band the Jackson 5 to
becoming one of the most successful
artists of all time.
His most popular solo singles
include Billie Jean, Smooth
Criminal, Beat It, Bad and Rock
With You, while Thriller remains the
best-selling album ever.
Fuqua said Michael “explores the
journey of the man who became the
King of Pop”, while the film’s studio,
Lionsgate, said it would include
“his most iconic performances that
led him to become the greatest
entertainer of all time”.
One of the producers of the new
film is Graham King, who also
produced the Oscar-winning Queen
biopic Bohemian Rhapsody.
King said the team behind the
film had searched widely for an actor
to play Jackson, before ultimately
settling on Jaafar. “I met Jaafar
over two years ago and was blown
away by the way he organically
personifies the spirit and personality
of Michael,” King said.
“It was something so powerful that
even after conducting a worldwide
search, it was clear that he is the only
person to take on this role.”
The screenplay for Michael will
be written by John Logan, who also
wrote Gladiator, The Aviator and the
James Bond films Skyfall and Spectre.
— BBC
18
BT
Nikki Haley, once Trump’s UN
ambassador, to take him on in 2024
Former Trump administration U.S. Ambassador to the U.N. Nikki Haley campaigns for Georgia Republican candidate for U.S.
Senate Herschel Walker at a rally with supporters in Hiram, Georgia, U.S. November 6, 2022. REUTERS/Jonathan Ernst
‘Hands off Africa,’ Pope
Francis tells rich world
Pope Francis denounced the “poison
of greed” driving conflicts in Africa
as he began a visit to Democratic
Republic of Congo on Tuesday,
saying the rich world had to realise
that people were more precious than
the minerals in the earth beneath
them.
Many tens of thousands of people
cheered as he travelled from the
airport into the capital Kinshasa in
his popemobile, with some breaking
away to chase it while others chanted
and waved flags.
But the joyous mood, one of
the most vibrant welcomes of his
foreign trips, turned sombre when
the 86-year-old pope spoke to
dignitaries at the presidential palace.
He condemned “terrible forms of
exploitation, unworthy of humanity”
in Congo, where vast mineral wealth
has fuelled war, displacement and
hunger.
“Hands off the Democratic
Republic of the Congo. Hands off
Africa. Stop choking Africa: it is not
a mine to be stripped or a terrain to
be plundered,” Francis said.
Congo has some of the world’s
richest deposits of diamonds,
gold, copper, cobalt, tin, tantalum
and lithium, but those have
Pope Francis sits next to Democratic Republic of Congo’s President Felix Tshisekedi as he attends the welcoming ceremony at the Palais de la Nation on the first day of
his apostolic journey, in Kinshasa, Democratic Republic of Congo, January 31, 2023. SIMONE RISOLUTI/VATICAN MEDIA/HANDOUT VIA REUTERS
stoked conflict between militias,
government troops and foreign
invaders. Mining has also been
linked to inhumane exploitation of
workers, including children, and
environmental degradation.
“It is a tragedy that these lands,
and more generally the whole African
continent, continue to endure
various forms of exploitation,” the
pope said, reading his speech in
Italian while seated. People listening
to a French translation applauded
repeatedly.
“The poison of greed has smeared
its diamonds with blood,” he said,
referring to Congo specifically.
Compounding the country’s
problems, eastern Congo has been
plagued by violence connected to
the long and complex fallout from
the 1994 genocide in neighbouring
Rwanda.
Congo accuses Rwanda of
backing the M23 rebel group
fighting government troops in the
east. Rwanda denies this.
“As well as armed militias, foreign
powers hungry for the minerals in
our soil commit, with the direct and
cowardly support of our neighbour
Rwanda, cruel atrocities,” Congolese
President Felix Tshisekedi said,
Business Times
F
speaking just before the pope on
the same stage on a hot, muggy
afternoon.
The pope did not name Rwanda
in his address or take sides in the
dispute.
Rwandan government
spokesperson Yolande Makolo
rebuffed Tshisekedi’s comments.
“It’s obvious that this ridiculous
obsession with scapegoating Rwanda
is President Tshisekedi’s electoral
strategy - a distraction from the poor
performance of his government, and
failure to deliver to their citizens,”
she told Reuters.
‘Devoured By Violence’
An estimated 5.7 million people
are internally displaced in Congo
and 26 million face severe hunger,
largely because of the impact of
armed conflict, according to the
United Nations.
About half of Congo’s population
of 90 million are Roman Catholics
and the Church plays a crucial
role in running schools and health
facilities in the sprawling central
African country, as well as promoting
democracy.
The pope criticised rich countries
for ignoring the tragedies unfolding
ormer South Carolina
Governor Nikki Haley
will launch her candidacy
for the 2024 Republican
presidential nomination
on February 15, squaring off against
her one-time boss, former President
Donald Trump, according to a
source familiar with her plans.
Haley is expected to release
details about her White House bid
in an invitation to supporters later
on Wednesday, according to local
news outlet The Post and Courier,
which first reported the planned
announcement.
The daughter of two Indian
immigrants who ran a successful
clothing store in a rural part of the
state, Haley has gained a reputation
in the Republican Party for her
ability to address issues of gender
and race in a more credible fashion
than many of her peers.
She has also pitched herself as
a stalwart defender of American
interests abroad, having served as
U.S. ambassador to the United
Nations under Trump from 2017
to 2018. During that time, the
United States pulled out of the
Iran nuclear deal, which was inked
in Congo and elsewhere in Africa.
“One has the impression that
the international community has
practically resigned itself to the
violence devouring it (Congo). We
cannot grow accustomed to the
bloodshed that has marked this
country for decades, causing millions
of deaths,” he said.
Tshisekedi made a similar point:
“While the international community
has remained passive and silent,
more than 10 million people have
been horribly killed.”
First scheduled for last July, the
pope’s trip was postponed because of
a flare-up of a chronic knee ailment.
Francis had originally planned to
travel to Goma, in eastern Congo,
but that stop was scrapped because
of a resurgence in fighting between
M23 rebels and government troops.
In an apparent reference to the
M23 and other militias active in
Congo’s eastern regions, the pope
said the Congolese people were
fighting to preserve their territorial
integrity “against deplorable
attempts to fragment the country”.
On Wednesday, Francis will
celebrate Mass at a Kinshasa airport
that is expected to draw more than a
million people. — Reuters
International
under Democratic President Barack
Obama and was highly unpopular
among Republicans.
Haley received national attention
in 2015 when, as governor, she
signed a bill into law removing
the Confederate battle flag from
the grounds of the South Carolina
state capitol, following the murder
of nine black churchgoers by white
supremacist Dylann Roof.
If she were to win the nomination,
Haley would be the first woman at
the top of the Republican presidential
ticket in history, as well as the party’s
first non-white nominee.
Among her major challenges
will be nailing down a consistent
message. Even in a field where most
candidates have changed their mind
about key issues multiple times,
Haley is particularly chameleonic.
She has distanced herself from
Trump several times, only to later
soften her rhetoric toward the former
president, saying he has an important
role to play in the Republican Party.
While she has criticized
Republicans for baselessly casting
doubt on the results of the
2020 presidential election, she
campaigned on behalf of multiple
Ukrainian business tycoon
Ihor Kolomoiskiy
Ukraine raids home of
billionaire in war-time
anti-graft crackdown
Security services searched
the home of one of Ukraine’s
most prominent billionaires on
Wednesday, moving against a figure
once seen as President Volodymyr
Zelenskiy’s sponsor in what the
authorities called a war-time anti-
corruption purge.
The action, days before a summit
with the European Union, appears
to reflect determination by Kyiv to
demonstrate that it can be a steward
of billions of dollars in Western aid
and shed a reputation as one of the
world’s most corrupt states.
It came as Kyiv has secured
huge pledges of weapons from the
West in recent weeks offering new
capabilities - the latest expected
this week to include rockets from
the United States that would nearly
double the firing range of Ukrainian
forces.
Photographs circulating on
social media appeared to show Ihor
Kolomoiskiy dressed in a sweatsuit
and looking on in the presence of
an SBU security service officer at his
home.
The SBU said it had uncovered
the embezzlement of more than
$1 billion at Ukraine’s biggest oil
company, Ukrnafta, and its biggest
refiner, Ukrtatnafta. Kolomoiskiy,
who has long denied wrongdoing,
once held stakes in both firms, which
Zelenskiy ordered seized by the state
in November under martial law.
Separate raids were carried out at
the tax office, and the home of Arsen
Avakov, who led Ukraine’s police
force as interior minister from 2014-
2021. The SBU said it was cracking
down on “people whose actions
harm the security of the state in
various spheres” and promised more
details in coming days.
“Every criminal who has the
audacity to harm Ukraine, especially
in the conditions of war, must
clearly understand that we will put
2 - 8 February 2023
candidates who supported Trump’s
false election fraud claims during the
2022 midterms.
And even as she has at times
adopted a conciliatory message on
racial issues, she often opts for a
less measured tone. In November,
she said at a campaign rally that
Democratic Georgia Senator
Raphael Warnock, a Black man born
in Savannah, should be “deported.”
Playing into Haley’s hands may
be geography: South Carolina is
historically the third state to host the
Republican nominating contest, and
it often plays an outsized role in the
race. Haley, who governed the state
from 2011 to 2017, is popular there,
polls show.
While she comes into the race as
an underdog - most national polls
show her support in the single digits
- Haley is used to running from
behind, having gained a reputation
in political circles for coming out on
top in tough-to-win races.
Reporting by Trevor Hunnicutt and
Gram Slattery; Editing by Ross Colvin,
Daniel Wallis and Andrew Heavens
— Reuters
handcuffs on his hands,” Ukraine’s
security service chief Vasyl Malyuk
was quoted as saying on the SBU
Telegram channel.
The prosecutor general’s office said
the top management of Ukrtatnafta
had been notified it was under
suspicion, as were a former energy
minister, a former deputy defence
minister and other officials.
Kolomoiskiy, who faces a fraud
case in the United States, has been at
the centre of corruption allegations
and court disputes for years that
Western donors have said must be
resolved for Kyiv to win aid.
Zelenskiy, who first came to
fame as the star of a sitcom on
Kolomoiskiy’s TV station, has long
promised to rid Ukraine of so-called
oligarchs, but had faced accusations
that he was unable to move decisively
against his former sponsor.
In an address overnight before
the raids, he alluded to new anti-
corruption measures in time for
Friday’s summit, at which Ukraine is
expected to seek firm steps towards
joining the EU.
“We are preparing new reforms in
Ukraine. Reforms that will change
the social, legal and political reality
in many ways, making it more
human, transparent and effective,”
he said, promising to reveal the
details soon.
Longer Range Missiles
Ukrainian forces which
recaptured swathes of territory from
Russian troops in the second half of
2022 have seen their advance stall
since November. Kyiv says the key
to regaining the initiative is securing
advanced Western weaponry.
— Reuters
Legendary quarterback and record seven-time Super Motorsport’s governing body the FIA says sexist remarks attrib-
Bowl winner Tom Brady says he is retiring “for good” uted to its president “do not reflect his beliefs”.
after 23 seasons in the NFL. — BBC Sport

BTSPORT
— BBC Sport

2 - 8 February 2023

Marvelous Nakamba
joins Luton Town on loan!
Marvelous Nakamba has not made an
appearance for Aston Villa in the 2022-23
season.
A
ston Villa midfielder Marvelous
Nakamba is joining Luton Town,
despite interest from West Brom.
The Zimbabwean midfielder
is heading for a medical at Luton
after the clubs agreed a loan deal.
The 29-year-old is yet to feature under either
Steven Gerrard or Unai Emery this season,
with his last competitive outing for the club
coming in the dramatic 3-2 loss to Manchester
City at the end of last season.
The defensive midfielder arrived at Villa
Park on a £10.5million deal from Belgian
side Club Brugge in 2019, and initially came
straight into the starting XI under then-boss
Dean Smith.
In his first season in the Premier League
Nakamba played 29 times, but quickly fell
down the pecking order and registered the
same number of appearances in the following
two seasons combined.
And in the 2021-22 season he averaged only
57 minutes on the field across 16 appearances,
11 of which came from the start.
Luton are bidding to make the play-offs in
the Championship, and are currently sat in
seventh place on 42 points, just three away
from Norwich in third.
Nakamba will join Louie Barry out on loan
for the rest of the season, with the ex-Barcelona
striker’s spell at MK Dons cut short to secure a
switch to the League Two side.
Emery’s side have been active in the January
market, securing deals for former Real Betis
full-back Alex Moreno, and ex-Chicago Fire
striker Jhon Duran.
But the former Villarreal, PSG and
Arsenal boss may not be done with his
rebuild just yet, with the club previously
weighing up a move for Betis’ £44m-rated
The talented midfielder made as many Premier League appearances
forward Luiz Henrique earlier in January.
in 2020-21 and 2021-22 combined as he managed in 2019-20.
— mailonline

Why can’t the young guns stop Djokovic?

Shortly after 35-year-old Novak
Djokovic despatched another
considerably younger player to win
a 22nd Grand Slam title, his coach
Goran Ivanisevic was asked how long
the new Australian Open champion
could stay at the top level.
The response probably sent a chill
through the rest of the ATP Tour.
“Definitely two, three more
years,” said Ivanisevic, who has
helped Djokovic win seven of his
major titles.
“His level is unbelievable. He
is from outer space. His brain is
working different.”
Djokovic, who turns 36 in May,
showed all facets of his greatness
on the way to beating 24-year-
old Stefanos Tsitsipas in Sunday’s
Melbourne final.
The Serb has won five of the past
seven Grand Slams he has played
in, although this victory came in a
tournament where Spanish teenager
Carlos Alcaraz - the world number
one before the event and new leader
of the next generation - was ruled
out through injury.
BBC Sport analyses why Djokovic
remains so difficult for the younger
players to topple.
The aura
Pretty much every younger
opponent talks before a match about
treating Djokovic like any other
opponent - playing the man and not
the name.
But how many truly believe it and
don’t get overawed?
Greece’s Tsitsipas was the last of
four players at least a decade younger
than Djokovic to be beaten by him
in Melbourne.
In the past four years Djokovic
has lost only five of the 45 matches
he has played against opponents
under the age of 23.
Djokovic has won six of his seven
Grand Slam finals in that period
against players born in the 1990s,
with Russia’s Daniil Medvedev
landing the younger generation’s
only success in the 2021 US Open.
Tsitsipas insists Djokovic’s
stranglehold on the younger players
isn’t a “curse”.
“I don’t see this as something
annoying. This is very good for the
sport, to have competitors like him,
to have champions like him,” said
Tsitsipas, who has lost his past 10
meetings with Djokovic.
Whether Tsitsipas sincerely thinks
that is a different matter. If he does,
it feels like he is an exception.
It has been telling that Russian
fifth seed Andrey Rublev and
American Tommy Paul - the players
whom Djokovic made light work
of in the Australian Open quarter-
finals and semi-finals respectively
- discussed the dread which players
feel when seeing his name in their
part of the draw.
Rublev, 25, laughed when he said
after his last-16 win that he wished
Djokovic was in the opposite side -
but it was no laughing matter as he
became increasingly despondent on
the way to a straight-set beating.
“A lot of players have a lot of
respect for his game,” said 25-year-
old Paul, who was also despatched in
three sets.
“No-one really wants to see him
on their part of the draw.”
The on-court mentality
When the going gets tough on
court, Djokovic gets going.
That is particularly relevant in
the biggest moments of the biggest
matches and is a key reason why he
has won 22 of the 33 Grand Slam
finals he has played.
Tsitsipas said Djokovic, who
saved 23 of 29 break points during
the Australian Open, including two
of three in the final, is a player who
“pushes you to your limits” on the
court.
“He’s very important for us that
want to get to his point one day.
Getting our asses kicked is for sure
a very good lesson every single time,”
he said.
“He has made me a much better
player. He has made my levels of
concentration higher and higher
every single time I get to play him.
“You have to be really involved
and you have to be dedicated to the
game when you play against him.”
The technique and tactics
Everyone has a game plan going
into a match against Djokovic.
Executing against someone of his
talent is another story.
As Paul put it after the semi-final,
Djokovic can make them “play so
bad”.
The American offered some
insight into his tactics and how
Djokovic neutralised those plans.
“I wanted to serve and volley
some. I didn’t serve and volley once,”
he said.
“When I did make my first serve,
I felt like he was returning it to the
baseline. I was automatically on
defence. I wanted to throw in drop-
shots. I didn’t get an opportunity to
do any of that because he was hitting
so deep.
“I wanted to change up pace with
my slice. I missed my first three slices
of the match. I was like ‘all right, I’m
going to start hitting my backhand,
I’m not slicing well’.
“He didn’t let me do all those
things because of things that he did
so well.”
The body
Djokovic has long appreciated
the need to take care of his body
to prolong his career and achieve
success into his 30s.
He has regularly cited changing to
a gluten-free diet more than a decade
ago as a recipe for his success.
While he does not consider
himself a vegan, Djokovic steers
clear of eating meat, fish and other
animal-based products.
Taking up yoga and a daily routine
of stretches has been key in helping
maintain the extraordinary elasticity
which he continues to show when
chasing down balls on the court.
“The way he’s taking care of his
body, the way he approach about
everything, the food, it’s amazing.
It’s unbelievable, the level,” said
Ivanisevic.
When Djokovic outlined his
reasons last year for not having a
vaccination against coronavirus, he
said he wanted to be “in tune with
my body as much as I possibly can”.
He added he had “always
been a great student of wellness,
well-being, health, nutrition”.
— BBC